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.