Bank report says U.S recession is here

Beijing News.Net
Tuesday 8th January, 2008

An American bank claims the U.S is now in recession.

One of the major banks in the U.S, Merrill Lynch, says the feared recession arrived with last Friday's employment report.

The employment report sent shares tumbling worldwide.

While Merrill Lynch believes the U.S is now in its first month of recession, other banks disagree.

An official ruling on whether the U.S in recession is made by the National Bureau of Economic Research, but this decision may not come for two years.

The bureau defines a recession as a significant decline in economic activity, lasting more than three months.

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