It’s Official: We’re in a Recession
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WASHINGTON — The recession of 1990-91 is official. The National Bureau of Economic Research, acknowledged as the official arbiter of recessions and recoveries, on Wednesday told America what it already knew: The nation’s economy is in the tank.
The Cambridge, Mass.-based organization formally declared that economic activity in the United States peaked last July--and has been going downhill ever since. The NBER said its business cycle dating committee--a seven-member group of economists who determine formally when a recession begins and ends--decided Wednesday that the current recession began nine months ago.
The panel’s decision is considered official by both the economics profession and the U.S. government. The Commerce Department cites the NBER’s business cycle information in its official reports.
Wednesday’s decision means that the long expansion of the 1980s officially lasted 92 months, making it the second-longest recovery in modern U.S. history.
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