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Americans who had long suspected they were in the middle of a recession were proven right this week with the release of new data showing that the economy has been in one for the past 11 months.
The National Bureau of Economic Research (NBER) reports that the most recent peak in economic activity was December 2007, and that the expansion leading up to that point lasted for 73 months, starting in November 2001.
The NBER also indicated that payroll employment figures had declined each month since last December
In Washington, House speaker Nancy Pelosi cited the newest figures as a "signal" for President Bush and congressional Republicans to support an economic stimulus bill passed by the House earlier this fall.
Pelosi also said that Democrats would work with the incoming Obama administration in January to pass "bold economic recovery and job creation legislation."
Last week, the Bureau of Economic Analysis had said that the U.S. Gross Domestic Product shrunk by 0.5 percent in third quarter of 2008, but also that it had grown 2.8 percent in the second quarter.
Nation officially stuck in recession
Americans who had long suspected they were in the middle of a recession were proven right this week with the release of new data showing that the economy has been in one for the past 11 months. The National Bureau of Economic Research (NBER) reports that the most recent peak in economic activity was December 2007, and that the expansion leading up to that point lasted for 73 months, starting in November 2001.
The NBER also indicated that payroll employment figures had declined each month since last December
In Washington, House speaker Nancy Pelosi cited the newest figures as a "signal" for President Bush and congressional Republicans to support an economic stimulus bill passed by the House earlier this fall.
Pelosi also said that Democrats would work with the incoming Obama administration in January to pass "bold economic recovery and job creation legislation."
Last week, the Bureau of Economic Analysis had said that the U.S. Gross Domestic Product shrunk by 0.5 percent in third quarter of 2008, but also that it had grown 2.8 percent in the second quarter.
