Announcement

Collapse
No announcement yet.

It's official: U.S. in a recession since December 2007

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    It's official: U.S. in a recession since December 2007

    Finally! I knew it all along

    **********************
    It's official: U.S. in a recession since December 2007: Financial News - Yahoo! Finance

    Monday December 1, 1:01 pm ET
    By Chris Isidore, CNNMoney.com senior writer

    The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy .

    The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes a long time after the start of a recession to declare its start because of the need to look at final readings of various economic measures.

    "The committee views the payroll employment measure, which is based on a large survey of employers, as the most reliable comprehensive estimate of employment," said the group's statement. "This series reached a peak in December 2007 and has declined every month since then."

    Employers have trimmed payrolls by 1.2 million jobs in the first 10 months of this year. On Friday, economists are predicting the government will report a loss of another 325,000 jobs for November.

    The NBER also looks at real personal income, industrial production as well as wholesale and retail sales. All those measures reached a peak between November 2007 and June 2008, the NBER said.

    In addition, the NBER also considers the gross domestic product, which is the reading most typically associated with a recession in the general public. Many people erroneously believe that a recession is defined by two consecutive quarters of economic activity declining. That has yet to take place during this recession.

    This downturn longer than most

    The current recession is one of the longest downturns since the Great Depression of the 1930's.

    The last two recessions (1990-1991 and 2001) lasted eight months each, and only two of the 10 previous post-Depression downturns lasted as long as a full year, according to the NBER.

    In a statement, White House Deputy Press Secretary Tony Fratto said that even though the recession is now official, it is more important to focus on the steps being taken to fix the economy. "The most important things we can do for the economy right now are to return the financial and credit markets to normal, and to continue to make progress in housing, and that's where we'll continue to focus," he said. "Addressing these areas will do the most right now to return the economy to growth and job creation."
    saaray Pakistan ka ek hi naara: ehtasab ehtasab!

    #2
    Re: It's official: U.S. in a recession since December 2007

    I have no clue wat definition of recession they are using :S.
    might be they call economy going down as recession.

    But the definition they teach at university level in the "whole world" in all the text books is that "consective 2 quarters of negative growth/ GDP is called recession" and we havent even seen a single quarter with GDP negative." we might see it in the coming quarter.

    and december 2007 the growth was much better than now, i guess they are using the definiton used by wikipedia "A recession is a contraction phase of the business cycle, or "a period of reduced economic activity"
    KON DETA HAI OMAR BHAR KA SAHARA FARAZ
    LOG TU JANAZAY MAIN BHI KAANDHAY BADAL'TE REHTE HAIN

    Comment


      #3
      Originally posted by EcoShan View Post
      I have no clue wat definition of recession they are using :S.
      might be they call economy going down as recession.

      But the definition they teach at university level in the "whole world" in all the text books is that "consective 2 quarters of negative growth/ GDP is called recession" and we havent even seen a single quarter with GDP negative." we might see it in the coming quarter.

      and december 2007 the growth was much better than now, i guess they are using the definiton used by wikipedia "A recession is a contraction phase of the business cycle, or "a period of reduced economic activity"
      Real GDP may be?

      U.S. Department of Commerce. Bureau of Economic Analysis
      saaray Pakistan ka ek hi naara: ehtasab ehtasab!

      Comment


        #4
        Re: It's official: U.S. in a recession since December 2007

        was that negative????
        KON DETA HAI OMAR BHAR KA SAHARA FARAZ
        LOG TU JANAZAY MAIN BHI KAANDHAY BADAL'TE REHTE HAIN

        Comment


          #5
          Originally posted by EcoShan View Post
          was that negative????
          Yep, click the link

          3rd Quarter 2007: 11,625.7
          4th Quarter 2007: 11,620.7
          saaray Pakistan ka ek hi naara: ehtasab ehtasab!

          Comment


            #6
            Re: It's official: U.S. in a recession since December 2007

            I still remember Bernanke said things were not so bad earlier this year. I bet he is updating his resume now....And after bear stern bail out Paulson was saying "Worst of financial crisis is behind us"..

            So called government bureaucracy..
            I disapprove of what you say, but I will defend to the death your right to say it.

            Comment


              #7
              Re: It's official: U.S. in a recession since December 2007

              ^^ they have to lie, cuz market moves on their words
              KON DETA HAI OMAR BHAR KA SAHARA FARAZ
              LOG TU JANAZAY MAIN BHI KAANDHAY BADAL'TE REHTE HAIN

              Comment

              Working...
              X