WORLD NEWS: It's official: U.S. is in recession

WASHINGTON - The economy fell into recession late last year, according to a panel of economists that is responsible for determining the dates of business cycles.
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 shrinking in a downturn that has been exacerbated by the financial crisis that took hold of markets beginning in September.
read more; click linkhttp://money.cnn.com/2008/12/01/news/economy/recession/?postversion=2008120113
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