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- The National Bureau of Economic Research declared that the U.S. was in a recession in November 2008MSNBC: It's official: U.S. is in recession (December 1, 2008)
- Panel said U.S. recession began in December 2007MSNBC: It's official: U.S. is in recession (December 1, 2008)
- Gross domestic product (GDP) fell nearly 4% in the fourth quarter of 2008CNNMoney.com: Economy: Sharpest decline in 26 years (January 30, 2009)
- It was the biggest GDP decline in 26 yearsCNNMoney.com: Economy: Sharpest decline in 26 years (January 30, 2009)
- Most recent prior recession: March 2001-November 2001U.S. Census: Periods of Recession
- Housing market destabilization one symptom of recessionRecession History: FAQ
- Low skirt hemlines seen as anecdotal evidenceCoutorture: Will Hemlines at Henri Bendel's Save Us? (October 10, 2008)
- Job markets adversely affectedChristian Science Monitor: U.S. job Losses Raise Recession Worries (February 4, 2008)
- World markets may be sinking into global depressionForbes: The Looming Global Recession (September 30, 2008)
- Recession marked by bank failuresU.S. News & World Report: Bank Failures: Should You Be Worried? (March 3, 2008)
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An economic recession is defined as two quarters' worth of negative economic growth concerning the gross domestic product (GDP) of a country.Money Girl: What Is A Recession? (April 29, 2008) Recessions are less severe than depressions, and are of shorter duration. Recessions are cyclical in nature, last several months, and are offset by future recovery and gains.Wisegeek: In Economics, What Is A Recession? One sign that a recession may be over is that stock prices will start to rise six months prior to the recession's official ending.Seeking Alpha: Don't Wait For The Official End of the Recession (March 20, 2008)
On January 30, 2009, the U.S. government reported that the gross domestic product fell 3.8% during the fourth quarter of 2008—the biggest drop since 1982. While economists had predicted a 5.5% decline, many cautioned that the numbers suggested more economic weakness was to come.CNNMoney.com: Economy: Sharpest decline in 26 years (January 30, 2009)
Legislation
- Emergency Economic Stabilization Act of 2008 H.R.4124Library of Congress: H.R.4124 passed October 3, 2008. Written in order to shore up financial markets, stabilize credit, and increase consumer confidence, this is a bipartisan bill after a previous failed attempt in September 2008. However, many economists predicted that it would not forestall a recession.CBS: [1] (October 2, 2008)
Historical Periods of Recession
- November 1948 - October 1948U.S. Census: Periods of Recession
- July 1953 - May 1954U.S. Census: Periods of Recession
- August 1957 - April 1958U.S. Census: Periods of Recession
- April 1960 - February 1961U.S. Census: Periods of Recession
- December 1969 - November 1970U.S. Census: Periods of Recession
- November 1973 - March 1975U.S. Census: Periods of Recession
- January 1980 - July 1980U.S. Census: Periods of Recession
- July 1981 - November 1982U.S. Census: Periods of Recession
- July 1990 - March 1991U.S. Census: Periods of Recession
- March 2001 - November 2001U.S. Census: Periods of Recession
Quote
"Recession is when a neighbor loses his job. Depression is when you lose yours." — Ronald ReaganBrainyQuote: Ronald Reagan Quotes-
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Recession Questions
Does anyone see light at the end of the economic tunnel? 1 AnswerI definitly see light, positive economic data is coming in and the market likes it, the worst is over. read more
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
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New Record! 9.64% Of All Mortgages Delinquent! [Recession Watch] http://ff.im/-bMzLV
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Note to car companies: you are aware we're in a recession, correct? You really think people are going to splurging on CARS for Christmas?
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Shopping at Walmart extends the recession. Shop at your local small business. It'll cost you less in the long run.
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@IFUSEEKD3RRICK I wish I could come dammit I would need somwhere to stay if I was there we are in a recession! Lol
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"Were in a recession, so only order one bean" -Sean Walker
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