The National Bureau of Economic Research (NBER) revealed the worst kept secret in the world on Monday when its Business Cycle Dating Committee report “determined that a peak in economic activity occurred in the U.S. economy in December 2007.”
The peak marks the end of expansion and the beginning of a recession. The NBER does not accept the common definition of recession: two consecutive quarters of negative GDP growth.
NBER defines a recession as “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators.”
