"The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes a long time after the start of a recession to declare its start because of the need to look at final readings of various economic measures.Interesting. Earlier than I would have guessed.
'The committee views the payroll employment measure, which is based on a large survey of employers, as the most reliable comprehensive estimate of employment,' said the group's statement. 'This series reached a peak in December 2007 and has declined every month since then.'
Employers have trimmed payrolls by 1.2 million jobs in the first 10 months of this year."
Monday, December 01, 2008
It's official: U.S. in a recession since December 2007 - Dec. 1, 2008
It's official: U.S. in a recession since December 2007 - Dec. 1, 2008: