We're Already in It
The U.S. economy has been in a recession since last year. That’s the word from the National Bureau of Economic Research, a Cambridge, Mass.–based organization of economists and lawmakers who monitor economic activity in the United States. The group released a report saying the domestic economy entered a recession in December 2007, when employment numbers peaked. In the ensuing months, the economy saw peaks in personal income, industrial production and wholesale sales. Economic indicators began steadily declining until September, when the U.S. financial crisis further worsened the situation.
