It's official - the US recession is a fact

.OrgOwner · 12-01-2008, 6:49 PM

Most of us already knew this was the case but of course they had to announce it to the world.. It's interesting to note that despite the doom and gloom there was still plenty of spending going on at the thanksgiving sales with sales numbers up on 2007.

Quote:

NEW YORK: The U.S. economy has been in recession for a year, it became official Monday, as stocks fell around the world and the Federal Reserve chairman warned of the limited impact of any new interest rate cut.
The evidence of a downturn has been widespread for months: slower production, stagnant wages and hundreds of thousands of lost jobs. But the National Bureau of Economic Research, which is charged with making the call for the history books, waited until now to weigh in.

Recession declared in U.S. as stocks tumble worldwide - International Herald Tribune

nedro · 12-01-2008, 6:51 PM

Um, it was a recession two years ago.
This is a full blown DEPRESSION.
They will report it in about a year's time...