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- National Bureau of Economic Research (NBER), has designated 33 U.S. recessions since 1854The American: The Great Recession of 2008? (December 21, 2007)
- Bureau announced in December 2008 that U.S. entered recession in December 2007
- Two consecutive quarters of negative economic growth is often used to qualify a recession
- The Federal Reserve has lowered interest rates several times to prevent slipping into a recession
- A December 2007 UCLA study said a 2008 recession would be avoidedLATimes: UCLA: No recession coming(March 11, 2008)
- The Federal Reserve plans to cut the interest rate to 0.5% by the end of 2009Bloomberg: Obama Is Seen Inheriting Worst U.S. Recession Since Reagan Era (November 8, 2008)
- Alan Greenspan estimated the likelihood of a recession at 50 percentThe American: The Great Recession of 2008? (December 21, 2007)
- U.S. retailers report holiday sales down eight percentAFP: US holiday season retail sales plunge amid recession (December 26, 2008)
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On December 1, 2008, the National Bureau of Economic Research announced that the United States had officially entered a recession beginning in December 2007.The New York Times: It's Official: Recession Started One Year Ago (December 1, 2008) A variety of factors have contributed to this prognosis, including the subprime mortgage crisis, rising unemployment, a general downturn in economic growth, and the precarious state of major financial institutions such as Fannie Mae and AIG.
Following the Christmas holiday, early reports indicated that U.S. traditional retailers' sales were down up to eight percent over last year. However, the 40% drop in gasoline prices from last year accounted for much of the drop in sales figures. Two top sectors showing declines over the previous year were apparel and electronics, losing up to 21 and 26 percent respectively.AFP: US holiday season retail sales plunge amid recession (December 26, 2008)
The Mortgage Bailout Plan
A mortgage bailout plan was passed by Congress on October 3, 2008, but the economy continued to deteriorate. President-elect Barack Obama has asked that a second stimulus package be developed during the lame duck session of Congress, but it is unclear whether President George W. Bush will agree to this.CNN Money: Call it a recession, already (November 7, 2008)Economic Statistics
- Jobless rate rose to 6.5% in October 2008, the highest since 1994CNN Money: Call it a recession, already (November 7, 2008)
- 240,000 jobs cut in OctoberBloomberg: Obama Is Seen Inheriting Worst U.S. Recession Since Reagan Era (November 8, 2008)
- Total of 1.2 million jobs cut in 2008Bloomberg: Obama Is Seen Inheriting Worst U.S. Recession Since Reagan Era (November 8, 2008)
- The 1.5% gain in unemployment over six months is largest within that timespan since February 1982Bloomberg: Obama Is Seen Inheriting Worst U.S. Recession Since Reagan Era (November 8, 2008)
- Gross Domestic Product will shrink at a 3.5% annual rate in the 4th quarter of 2008 and at a 2% annual rate in the 1st quarter of 2009Bloomberg: Obama Is Seen Inheriting Worst U.S. Recession Since Reagan Era (November 8, 2008)
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2008 Recession Questions
What is the opposite of a recession? Is there such a term like boom, and when was the last time we had one? 1 AnswerAccording to this article from CNN Money, the "greatest economic boom ever" was in 2007. http://money.cnn.com/magazines/fortune/fortune_archive/2007/07/23/1001... read more
when will this world recession end ? 3 AnswersI answered this under "Unemployment" then copied it here for your convenience. The formatting fell apart in the process so forgive the hack and slash paragraph... read more
when will this world recession end ? 4 AnswersDo'nt expect recession to end before 2011 , the turmoil that has to be kept in mind is that in next few monts till nov 2009 , more American and European banks w... read more
Does the 247,000 job losses in July verses 443,000 job losses in June 2009, signal the worst recession is improving? 2 AnswersMaybe, but it could also mean that July is holiday period, so business is always slow in that period. Therefore the job-loss is less now, and will pick up sharp... read more
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March 2009 Recession News
- Marketwatch: Worst job losses in 60 years expected (March 1, 2009)
February 2008 Recession News
<iframe height="339" width="425" src="http://www.msnbc.msn.com/id/22425001/vp/23411985#23411985" frameborder="0" scrolling="no"></iframe> - MSNBC: Pizza and Beer Now Cost An Arm and A Leg (February 29, 2008)
- MSNBC: Consumer Sentiment Drops to 16-year Low (February 29, 2008)
- The Huffington Post: Nobody Knows Anything (February 29, 2008)
- MSNBC: Consumer Spending Stalls in January (February 29, 2008)
- Reuters: House prices to fall in 2008, 2009: Freddie Mac (February 26, 2008)
- Bloomberg.com: Recession in U.S. More Likely in 2008, Survey Finds (February 25, 2008)
- MSNBC: More Top Economists Now Forecast Recession (February 25, 2008)
- The Huffington Post: Yacht Sales Skyrocket Even As Economy Sinks (February 22, 2008)
- MSNBC: Wall Street Pulls Off Dramatic Turnaround (February 22, 2008)
- CNNMoney: Greenspan sees strong chance of U.S. recession (February 15, 2008)
- CNNMoney.com: The recession watch can now end. It's already here. (February 5, 2008)
- Briefing.com: Recession Concerns Hit Market (February 5, 2008)
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On Twitter Powered by Twitter
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Travel spending in the US has fallen by 12% since peaking in 2008. That's already a deeper drop than the last recession's. PEJ
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Early Data Suggest More Suicides In 2008; Rise Is Similar To Past Recessions http://bit.ly/6Fwy9v #recession #news
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Worst Predictions from Newsweek #5 Hank Paulson Miscalls the Recession ‘The worst is likely to be behind us.’ Hank Paulson, May 7, 2008
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To get back to pre-2008 recession numbers (5% unemployment), we would need 250,000 jobs/mo. for 5 consecutive years.
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Manipulation of Stocks in 1929/2008 game was rigged,You tried to beat the system. Why we R going thru the Great Recession due 2 specualtion
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