It's official -- we've been in recession since last December. Though most of the attention to the subject has come since Wall Street collapsed in September, the National Bureau of Economic Research today said the U.S. economy had been contracting since its peak in December of 2007.
It's worth noting that there have not been two consecutive quarters of economic contraction since last year, which the NBER says has never been a criteria for declaring a recession. It also notes that it defines 'diminishing' economic activity as a sign of contraction, not 'diminished.' As for whether the economy is still diminishing, the NBER said only that it "does not forecast."