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Community Recession started in Dec. 2007

Recession started in Dec. 2007

Friday, 05 December 2008 06:40 Last Updated on Thursday, 08 January 2009 06:13 Written by Staff Reports

If you’re wondering whether we’re actually in a recession, you can stop – we are.

12_11_bailout_text.jpg“I think we’ve removed all doubt that we’re in a recession officially,” said Rick Harper, director, Haas Center for Business Research and Economic Development at the University of West Florida.Harper said the official word won’t come until the Business Cycle Dating Committee sits down to make a determination. The committee is part of the National Bureau of Economic Research. That determination is unlikely to come before the end of the year, said Robert Hall, a Stanford University economics professor who chairs the committee.

But “I have no doubt,” Harper said. “I think the NBER will determine that the recession began in the fourth quarter of 2007.

 

For more on this story, see the Dec. 4 issue of the Navarre Press or subscribe online.

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