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Tuesday, December 02, 2008

U.S. Recession is a Long 1 Year Old

The U.S. economy is now officially in a recession since last December, making this downturn a long one year old. This effectively makes it the longest ever in a quarter century.

The National Bureau of Economic Research (NBER), the chief arbiter of U.S. recessions, has confirmed and decided that this recession began last December, making it the 11th post-war recession.

Only two post-war recessions have been longer — November 1973 to March 1975, and July 1981 to November 1982. NBER has suggested the current recession is very likely to be the longest since the Great Depression.

The official recession [via]

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