Support for LAist comes from
We Explain L.A.
Stay Connected

Share This


Recession: It's Official Now, We're in It

Stories like these are only possible with your help!
You have the power to keep local news strong for the coming months. Your financial support today keeps our reporters ready to meet the needs of our city. Thank you for investing in your community.

The group that can officially call when we're in a recession has done so. The Business Cycle Dating Committee of the National Bureau of Economic Research "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," says the Wall Street Journal who explains that a "recession is 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. A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion." (h/t LABO)