On December 1st, after the Dow dropped 7.7 percent, the National Bureau of Economic Research offically declared the United States in economic recession, beginning in December 2007.
According to the Business Cycle Dating Committee, the recession is due to "significant decline in economic activity spread across the country, lasting more than a few months, normally visible in production, employment, real income, and other indicators." Job loss has steadily increased over the past year, with 60,000 terminations in February to 150,000 in September, culminating with over 300,000 losses in November alone.
Robert Talbut, a fund manager at Royal London Asset Management, assesses that serious recovery would require participation and response from more global governments.
Though in the midst of economic turmoil, holiday shoppers performed right on schedule. ShopperTrak reports that Black Friday sales were 3 percent higher than the previous year.Tweet