Breaking news: it’s “official.” The U.S. is in a recession.
Oh, and it started almost a year ago:
Monday’s declaration by the panel of the National Bureau of Economic Research confirms what many private economists, lawmakers and members of the general public already have assumed and puts an official date on it: A U.S. recession began in December 2007.
That was the same month employment peaked, and the economy began shrikning [sic] in a downturn that has been exacerbated by the financial crisis that took hold of markets beginning in September.
Man, MSNBC was in such a hurry to break this story that they couldn’t even spell “shrinking” right. If only they could’ve told us something we didn’t already know.