On Monday, the National Bureau of Economic Research of officially declared that the United States economy has been in a recession since last December and some economists are predicting that this period of downturn will extend into the year 2010 which will set a record for the length of a recession since World War II and is expected to be more painful than previous recessions. The announcement confirmed the fears of many citizens who expect worse to come and have been more judicious in their spending habits. The announcement however came only two days after the national Black Friday sales and would have meant less spending for some individuals who are more pessimistic about the state of the economy but economists have been urging more consumer spending which is supposed to help boost the market out of its current slump. Hours after the announcements shares in numerous stocks fell greatly and the stock market experienced its lowest fall in months just after five successive days of rises. For most the only bright spot in the current recession is gas prices which are currently under $2.00 a gallon for regular and have provided consumers with some flexibility in their spending habits as a result of the fall in oil prices. It is believed that an average of 120,000 jobs a month have been lost this year through October and analysts expect the current unemployment rate to rise from 6.5% in October to about 8% next year. The government however is optimistic of being able to turn the economy around and most lawmakers have been pushing for additional stimulus plans to help boost the economy.

By: PIAYON LASSANAH