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Is it a 'recession'?
The NBER says the most recent recession lasted from March 2001 until November 2001 and that the economy has been in "expansion" since then.
The group typically does not declare a recession for anywhere from 6 to 18 months after its arrival.
So far, the group has been mum and it could stay so for quite a while. But with layoffs on the rise and inflation hurting people's wallets, many - including most recently Warren Buffett - say it hardly matters whether we're "officially" in recession. It already hurts like one.
NEXT: Economic Growth: Slumping
Last updated June 06 2008: 10:44 AM ET
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