Economists confirm it: U.S. in recession for past year

December 1, 10:58 AMBusiness ExaminerDarrell Proctor

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The U.S. economy has been headed down since December 2007.

You've heard about it, read about it, and most likely experienced it.

And now it's been confirmed - the United States has been in a recession since December 2007.

The National Bureau of Economic Research made it official today. The NBER is a group of economists who are empowered to determine the start date (and the end) of economic downturns.

Why did it take 12 months to make the determination? The NBER says it's because of the many (and varied) economic measurements that must be taken before an "official" announcement can be made.

The committee views the payroll employment measure, which is based on a large survey of employers, as the most reliable comprehensive estimate of employment. This series reached a peak in December 2007 and has declined every month since then." - official statement from the NBER

More than 1.2 million jobs have been cut by U.S. employers from January through October of this year, with initial claims for unemployment benefits at 1.7 million. And economists say the government this week will report the loss of another 325,000 jobs in November.

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