Skip Nav
Summer
You Have to See This Navajo Nation Tribal Park to Believe It
Wellness
4 Morning Rituals to Help Relieve Anxiety
Travel
The Ultimate Travel Bucket List For Water-Lovers

The US Is Officially in a Recession — Are You Surprised?

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.

Source

Join The Conversation
booglass booglass 8 years
Thanks National Bureau of Economic Research for stating the obvious.
RockAndRepublic RockAndRepublic 8 years
I thought it was kind of silly that it was "officially announced" yesterday, like everyone didn't already know.
Thank you! As if we haven't already been traversing hell.
Ms_Magnificent1 Ms_Magnificent1 8 years
The real question should be "Why Did Some People NOT Know the US is in a Recession?"...I mean even the wealthy are feeling the heat, how could one not know????
Colleeninator Colleeninator 8 years
I laughed when I saw "The US is Officially in Recession" on a newspaper today.
linditamaria linditamaria 8 years
i'm shocked that we've been in a recession since december 2007; i guess it didn't really hit my area until spring/summer time. but it is baffling that it took this long to get an official statement.
Deidre Deidre 8 years
I'm surprised how long it took economists to come out and say it!
starangel82 starangel82 8 years
Forget the 'official' announcement... Americans have known it for a while now.
brandi07 brandi07 8 years
I thought it was kind of silly that it was "officially announced" yesterday, like everyone didn't already know.
bellaressa bellaressa 8 years
I'm shocked and speechless.
gemsera gemsera 8 years
that and the fact that other countries went into recession first only because their definition was 2 quarters or 3 quarters...
itsme3683 itsme3683 8 years
The main criterion that the economy must face in order to be an official recession is a certain number (4?) of consecutive quarters of negative GDP growth, which is why it's taken so long for the "official" announcement.
simply-me simply-me 8 years
Umm, not surprised. It's been evident for quite some time we were headed this route. I am not suprised it hasn't been longer because economists follow strict guidelines on how the market must behave in order to "officially" call it a recession.
janneth janneth 8 years
I think all the talk about recession causes people to spend less, even people who personally have felt no effect. Thus causing the recession to worsen.
c-a-t-h c-a-t-h 8 years
Um, duh.
loopymoi loopymoi 8 years
Not surprised at al!
emily60608 emily60608 8 years
as someone who just graduated in december 07, yes i could tell you thats exactly when it started!
Myst Myst 8 years
I think people been saying this for a while now.
ilanac13 ilanac13 8 years
i'm not surprised at all by this - and the fact that people are only realizing that it's official now - well that's just funny to me. we've been in a rut for a while - a full year actually and well - all we can hope for is that the market rebounds and that things get better.
krae85 krae85 8 years
everyone's been spending less for a while... I think we knew. But isn't it also just part of the game? the economy has ups and downs, we ain't broke :P
foxie foxie 8 years
I just shat my pants from the shock.
indieglam indieglam 8 years
Michigander here... it's been obvious for a veeeery long time here!
Spectra Spectra 8 years
Yeah, I didn't know it wasn't official yet...I'm definitely not surprised.
MartiniLush MartiniLush 8 years
This is not at all surprising!!
jessie jessie 8 years
not surprised
Why Do Poor People Make Bad Decisions?
Selena Gomez's Sexiest Moment of 2016 Poll
Middle Class Incomes Rising Quickly
Who Will Nick Viall Pick on The Bachelor? Poll
From Our Partners
Latest Afforable DIY & Organization
All the Latest From Ryan Reynolds