N’ah!!!!
Recession started in December 2007: panel
By Emily Kaiser
Reuters
Monday, December 1, 2008; 4:28 PMWASHINGTON (Reuters) - The U.S. economy slipped into recession in December 2007, the nation’s business cycle arbiter declared on Monday, and the downturn could be the worst since World War Two.
The National Bureau of Economic Research said its business cycle dating committee members met by conference call on Friday and concluded that the economic expansion that started in November 2001 had ended. The previous period of economic expansion, which ended in 2001, lasted 10 years.
The current recession, which many economists expect to persist through the middle of next year, is already the third-longest since the Great Depression, behind only the 16-month slumps of the mid-1970s and early 1980s.