Recession is official, economists say (since Dec 2007)

WASHINGTON — It’s official: The USA is in a recession that started in December 2007.

The committee of economists responsible for determining the dates of business cycles said Monday that they met by conference call on Friday, Nov. 28 and "the committee determined that a peak in economic activity occurred in the U.S. economy in December 2007.

" The peak marks the end of the expansion that began in November 2001 and the beginning of a recession."

usatoday.com/money/economy/2008-12-01-recession-official_N.htm

How much you wanna make a bet the same “economists” say that the “recession” is over on Jan 20, 2009 :rolleyes:

Yes, I am being cynical. :cool:

When an actual economist tells you there is a recession, you already know it. When a mere reporter says it, trust but verify.

IIRC, a recession is defined at at least two consecutive quarters of negative GDP growth. Thus, you can’t say for sure you are in a recession until you are already half a year through it. And even then you need time to crunch the numbers.

So, this whole Wall Street thing needs to be looked over by some economists before it’s declared - what? A Global Disaster?

This is silly in the extreme. I recommend people look at consumer confidence in real time. Optimism is good but I don’t need economists to tell me if I, my region or my country is in a recession.

Peace,
Ed

DISCLAIMER: The views and opinions expressed in these forums do not necessarily reflect those of Catholic Answers. For official apologetics resources please visit www.catholic.com.