It's official: U.S. in recession

It's official: U.S. in recession

The U.S. economy has been in a recession for all of 2008, the National Bureau of Economic Research said Monday.

The Cambridge, Mass.-based organization dates business cyces, basing its decisions on the consensus of economists. The current recession declaration follows a conference call Friday, the NBER said in its statement Monday.

The expansion that ended in December 2007 began in November 2001, the NBER said.

The NBER based its conclusion in large part on measures of gross domestic product and gross domestic income.

The organization said in its statement Monday: “Many of these indicators, including monthly data on the largest component of GDP, consumption, have declined sharply in recent months.”

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