Friday, December 12, 2008
U.S. Recession
The National Bureau of Economic Research declared that the United States has been in a redession since December 2007. The NBER is in charge of dating the beginning and end of economic downturns. It is normal that it would take this long to declare an actual downturn because they need to look at the final reading of many economic measures. Companies have decreased payrolls by cutting 1.2 million jobs in the first 10 months of '08. Economists are estimating our country has lost another 325,000 jobs in November.
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2 comments:
This is funny. I would love to hear what Dr. Gitter would say about this article. Probably something along the lines of, "the NBER announced we are in a recession, well DUH!"
He had said in his labor class last spring that this will only get worse before it gets better and he didn't expect it to get better until at least the spring of 09 if not later. I would say Dr. Gitter is a pretty intelligent man for predicting this well before the NBER.
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