2008 Recession

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)

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)

• 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)

• Marketwatch: Worst job losses in 60 years expected (March 1, 2009)

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• 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)