It’s official – The USA is in recession

The US National Bureau of Economic Research has released data confirming the USA is in recession. The peak of the cycle was a year ago in December 2007 and the US economy has been crumbling ever since.

Confirmation the US is in recession saw the Dow Jones shed almost 7% or 680 points overnight.

The largest economy based on GDP output now joins number 2, Japan who officially went into recession on the 17th November 2008, number 3 Germany who officially declared a recession on the 13th November 2008, and number 5, the United Kingdom who confirmed falling GDP on the 25th October.

On the 14th of November it was reported the Eurozone was in recession. Member countries France (ranked 6th largest economy) and Italy (ranked 7th) has so far only narrowly escaped recession.

The only economy in the top five not in recession is China. China has however experienced a rapid fall of GDP big enough to make it fell like it is in recession.