It's Official: Recession Since Dec. '07
December 1, 2008 - CNNMoney.com - Chris Isidore
NEW YORK (CNNMoney.com) - 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 did not give any reasons or causes of the recession. But it is widely accepted that the housing downturn, which started in 2006, is a primary cause of the broader economic malaise. The current recession is one of the longest downturns since the Great Depression of the 1930's. More...