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U.S. Economy Officially In Recession

December 3rd, 2008

The U.S. economy has been in a recession since December 2007, according to the National Bureau of Economic Research. This means the economy has been in a recession for more than a year, with over one million jobs already lost.

The National Bureau of Economic Research is a private body that determines, based on its analysis of economic trends, when the onset of a recession has occurred. Their grim announcement suggests that the economy has been in a yearlong downturn. Many economists are already predicting that the American economy will experience the deepest recession since the Great Depression of the 1930s. With trillions of dollars already spent by the government to reverse the economic decline, it seems more trillions may have to be spent.

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