Economists: U.S. in recession since December 2007

The global financial crisis leaving residents unemployed has now been officially labeled a recession by the National Bureau of Economic Research.Economists say signs of a

THE BRONX - The global financial crisis leaving residents unemployed has now been officially labeled a recession by the National Bureau of Economic Research.

Economists say signs of a recession can be seen in the amount of money consumers are spending. According to the National Bureau of Economic Research, the United States has been in a recession since December of 2007. Experts say this means there has been a decline in economic activity across the country for a period of more than two consecutive quarters.

During the past year, economists say personal incomes have decreased, employment has fallen and industrial production has slowed. They also say the average amount of money shoppers are spending is down.

advertisement | advertise on News 12

Trending Video

Police say a 44-year-old Schuylerville man was stabbed 1 Police: Schuylerville man stabbed to death
National Be Humble Day encourages people to go 2 Word on the Street: Be Humble Day
At least seven alleged gang member were arrested 3 7 arrested after gang takedown in the Bronx
Officials broke ground Wednesday on a $52 million 4 $52M Affordable housing project breaks ground in Mount Eden
Claire makes her way down the manor's halls 5 Nursing home residents saddle up for tiny visitor

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE