On December 2, 2008, Economists announced that the US has been in a recession since last December.
In declaring that the economy has been in a downturn for the last twelve months, economists confirmed what many Americans have already been experiencing: job cuts, bank bailouts and depreciation of the dollar.
This economic news didn't seem to shock many Americans. It seemed more of a question of "when," rather than "if," a recession would be announced.
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