By now we have all heard the comparisons of our current economy to either those during the Great Depression, or more recently, the 1982 recession. For those who weren’t alive or remember either or both of those past economic downturns, David Leonhardt of the New York Times recently explained that “The Economy is Bad, but 1982 Was Worse.”

In an attempt to compare the economic environment of 1982 and now, Leonhardt used historical information from the Bureau of Labor Statistics (BLS) going back to 1970. He compared several types of unemployment data: “Since the job market covers the entire economy and affects families in tangible ways, it seems to be the single best yardstick.”

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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.

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The Consumerist is a favorite stop for us in our daily perusal of different financial blogs and websites. Just one of many entertaining features on The Consumerist is their “Recession Watch,” especially went it pertains to the world’s most famous chain restaurant — McDonalds. The recession has hurt a lot of businesses in different ways, McDonalds being no exception. As the credit crisis has froze lending, resulted in thousands of lost jobs, McDonalds has also been forced to tighten up policy in order to cut costs:

Recession Watch: McDonald’s Cracks Down On Sauce Scofflaws

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There are certain non-essential items Americans have and will continue to buy during these tough economic times, even though these items always seem to go up in price at least every year, and are hardly considered necessities — but that I suppose all depends on who you ask.

Candy, cigarettes, and alcohol — all “non-necessity” items, (again, depends on who you’re talking to) all products that tend to ride the inflation train, all still top sellers among consumers. I guess there are certain things many of us can’t live with out.

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US consumer prices rose 0.6% in May, largely due to escalating food and energy prices. Although the price increase was higher than experts predicted, core consumers prices, excluding food and energy costs, rose 0.2% as expected.

While inflation is taking its toll worldwide, there are certain industries that are profiting, and products that have gotten cheaper here in the US.

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