Home > Political Insider > Archives > 2008 > December > 01 > Entry
DEL.ICIO.USCongratulations. It’s a recession
The Atlanta Journal-Constitution
The National Bureau of Economic Research just pronounced the United States economy to be in recession, and has been for about a year.
Read the bureau’s entire statement here. But this is the gist:
The committee identified December 2007 as the peak month, after determining that the subsequent decline in economic activity was large enough to qualify as a recession.
Payroll employment, the number of filled jobs in the economy based on the Bureau of Labor Statistics’ large survey of employers, reached a peak in December 2007 and has declined in every month since then.
An alternative measure of employment, measured by the BLS’s household survey, reached a peak in November 2007, declined early in 2008, expanded temporarily in April to a level below its November 2007 peak, and has declined in every month since April 2008.
.JPG)
-1.JPG)
Services »
Comments
By Copyleft
December 1, 2008 2:28 PM | Link to this
Hey! Just who does this National Bureau of Economic Research think they are, anyway???
We’ve been hearing for MONTHS how a recession requires two consecutive quarters of negative growth. It was all over the talk-radio channels, and I guess they know more about economics than some liberal “National Bureau,” after all.
Jeez… who do they think gets to define these things: the department of professional economists who have always done so in the past, or the ignorant blowhards on the AM dial? Americans aren’t stupid, you know!
By Melissa
December 1, 2008 4:03 PM | Link to this
Wow, it took them that long to figure it out. I could have told them 6 months ago.
By 1929-- HERBERT HOOVER THINK TANK
December 1, 2008 11:11 PM | Link to this
Thanks for the leadership Saxby, your 1929 Herbert Hoover economic plans are really pitiful.