The U.S. economy entered a recession in December 2007, a committee of economists at the private National Bureau of Economic Research said Monday. The economy reached a peak in December and has been declining since, according to the business cycle dating committee of the NBER.
While this sounds about right, many of us have been saying we’ve been in a recession for many months now. Glad the NBER finally made it official and here’s hoping we don’t have to wait very long for the recovery. Oh wait – we have to wait another 50 days to have a real President. Ahem!