Now They Tell Us: U.S. Officially in Recession

The National Bureau of Economic Research has spoken: the U.S. has been in a recession for a year. Polls tell us that a lot of Americans think the economists are late to the party on this one.

The bureau, an independent organization that's accepted as the official arbiter of economic data in the United States, actually doesn't follow the classic rule of thumb for recessions, which is two consecutive quarters where the economy shrinks. Their process considers a lot of other factors, which you can read about here. For a little historical perspective, you can check out this chart of economic growth.

But it's a rough year for the economy, and most surveys show the American public decided we were in a recession some months ago. Even back in January, 45 percent told the Gallup poll the country was in recession; by March that was up to 76 percent. Overall attitudes about the economy are very negative, with three-quarters having negative views and the same number thinking things are getting worse. To think about some of the options for getting the economy back on track, have a look at our Citizen's Survival Kit on the economy.