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December 1st, 2008

U.S. Recession Began In December 2007

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There is little room to argue that the word “recession” could be voted the number one buzzword of 2008 — slightly ahead of “bailout.” Economists at the National Bureau of Economic Research announced today that the recession in the U.S. officially began in December of 2007:

Although a recession is conventionally defined as two quarters of successive contraction in gross domestic product, the private committee doesn’t require supporting GDP data to make a recession call. Its members focus on month-to-month changes in the economy.

The NBER committee defines a recession as a “significant” decrease in activity over a sustained period of time. The decline would be visible in gross domestic product, payrolls, industrial production, sales and incomes.

The announcement in no way signifies the end to the current recession, it just officially marks where the last economic peak ended, and the contraction began.

Be sure to read the Bureau’s official release by clicking here.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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