We've been throwing around the word recession in connection with the US economy for some time now — everything from recession-proof jobs to recession-proof beauty is common vocabulary. However, in a statement released just today, the National Bureau of Economic Research confirmed that the economy has been in a recession since December 2007.
The last time the economy was in a recession was 2001, after the tech bubble burst. Members of the Business Cycle Dating Committee explained the requirements for a recession in a statement.
A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators. A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough.