Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Confirmed: U.S. in a Recession (Since Dec. 2007!)
By
Jen Chung
Published Dec 1, 2008
Modified Dec 1, 2008
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jen Chung
Published Dec 1, 2008
Modified Dec 1, 2008
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
Photograph by jayKayEss on Flickr
The private research organization the National Board of Economic Research says its economists have confirmed the U.S. is in a recession--and has been in on since December 2007. The Daily News adds, "What will they tell us next - that oxygen is good for the lungs?!"
You can read the full text of the NBER statement here, but here's an excerpt:
The committee determined that a peak in economic activity occurred in the U.S. economy in December 2007. The peak marks the end of the expansion that began in November 2001 and the beginning of a recession. The expansion lasted 73 months; the previous expansion of the 1990s lasted 120 months.
showing the length of previous recessions: The July 1990-March 1991 recession lasted 8 months, as did the March 2001-Nov. 2001 one, but the 1981-1982 recession lasted 16 months. And the White House, which has avoided using the term recession, said about the news, "What's important is what is being done about it. The most important things we can do for the economy right now are to return the financial and credit markets to normal, and to continue to make progress in housing, and that's where we'll continue to focus."
Tagged
business
economy
employment
National Board of Economic Research
recession
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Mamdani names re-entry specialist as chair of Rikers oversight board
Christopher Watler will help the department that a federal monitor says remains in crisis.
By
Ryan Kost
Published Oct 6, 2026 at 3:52 p.m. ET
NYC weighs expanding upstate reservoir following drought
The Delaware River Basin Commission is evaluating options to increase water storage, including expanding a reservoir in New York City.
By
Rosemary Misdary
News
NYC weighs expanding upstate reservoir following drought
The Delaware River Basin Commission is evaluating options to increase water storage, including expanding a reservoir in New York City.
By
Rosemary Misdary
Legionella found in Staten Island building's water system after 2 positive cases
By
Catalina Gonella
Legal 'loophole' helps NY Gov. Kathy Hochul, Bruce Blakeman raise millions
By
Jon Campbell
Police identify 2 men wanted for stabbing an off-duty NYPD officer
By
Ben Feuerherd
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .