It's Official. We're in a Recession.

The National Bureau of Economic Research announced this week what we all already knew. We're in a recession and have been since December, 2007. The NBER defines recession as a broad contraction of the economy, not just one or two sectors of the economy. Domestic production and employment are the primary measures of economic activity. The committee relies primarily on monthly and quarterly economic indicators. For example, payroll employment has declined every month since December 2007. Jobs have been lost every month since December 2007. Looking at several economic indicators, the committee determined that the slide in real manufacturing and industrial production began in the fourth quarter 2007 and has continued through 2008. One of President-elect Obama's economic team is currently on the NBER, Christina Romer. The NBER does not forecast how long recessions might last.