The 'R' word is now official

Author:
Updated:
Original:

The United States has been in recession since last December, confirming what many already have thought about the economy.

When the economy peaked in December 2007, it marked the end of the expansion that began in November 2001, according to the National Bureau of Economic Research. The expansion lasted 73 months, compared to the 120-month expansion in the 1990s, according to the NBER.

The NBER’s Business Cycle Dating Committee, which met last Friday via conference call, based its assessment primarily on domestic production and employment levels. Employment peaked in December 2007 and has been declining every month since. Production levels began falling in the last quarter of 2007, rose slightly in the first two quarters of 2008, and began falling again in the third quarter.

The Dow Jones Industrials average fell almost 700 points yesterday, wiping out more than half of last week’s gains. The U.S. markets are expected to rise slightly today, following a now-familiar pattern of snapping back after a huge sell-off.

Click on the links below for commentary on yesterday’s announcement.

Wall Street Journal
CNN/Money
Boston Globe
New York Times
USA Today

Related

Argos 3D Forward Looking Sonar

For 20 Years, FarSounder has been developing and manufacturing 3D forward-looking sonar for vessels of all sizes.

Dometic Marine Appoints Executives

The company promotes a 20-plus-year employee and adds a vice president of aftermarket sales and e-commerce.

IMEA Launches Scholarship Program

The International Marine Electronics Alliance aims to recruit students into the field of marine technology.

RBFF Campaign Reels in Awards

The fishing-and-boating advocacy group’s Get on Board campaign was recognized by two national public relations organizations.

Suzuki’s Clean Ocean Project

Testing of the engine manufacturer’s microplastics filtering device continues as it moves closer to production. The company also released its full-year financials.

Uflex Adds to Sales and Marketing Team

The company said significant growth during the last few years created the need to add three employees.

NMTA Beats Proposal To Double Excise Tax

It’s just one example of the value of belonging to a state or local marine trade association. Are you a member of an MTA?