View Full Version : The burning question... Is the recession official

03-18-2008, 02:14 PM

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> Whether the country is officially in recession is determined by the National Bureau of Economic Research, a private nonprofit research organization. The group considers several economic indicators, as well as the severity and duration of a downturn.

The NBER says the most recent recession lasted from March 2001 until November 2001 and that the economy has been in "expansion" since then.

The group typically does not declare a recession for anywhere from 6 to 18 months after its arrival.

On Friday, the NBER's president, Harvard University economist Martin Feldstein, said we are in a recession, though it was not an official NBER declaration.

So there you go... The president of the agency which officially determines if and when the US is in a recession, says that the US is now in a recession.

Apparently the only reason we don't know it yet is that it takes them 6 months to a year and a half to put together a press release... I think these guys should fire their public affairs person!