In a statement released Monday, the members of the group's Business Cycle Dating Committee - made up of seven well-known economists, most from the academic sector - said that the economy entered a recession in December 2007.
"A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators," the members said in a statement. "A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough."
The committee noted that the contraction in the labor market began in the first month of 2008 and said that the declines in most major indicators, like personal income, manufacturing activity, retail sales, and industrial production, "met the standard for a recession."
You can read the NBER's report here. Every news outlet is coveirng the story today. Below is a video from MSNBC talking about the year-long recession and whether video games are immune. They might be immune for now but if the recession is deep enough it is bound to touch games eventually.
