It’s now official. For nearly a year, the U.S. economy has been in a recession.
That announcement came today from the National Bureau of Economic Research, the agency body charged with making that declaration. It’s the first official recession since 2001. And it follows two negative reports produced today on the economy.
According to the Institution for Supply Management, the manufacturing industry suffered its worst month since 1982. Also, a separate report from the Commerce Department showed that spending on construction projects fell 1.2 percent in October, after staying unchanged in September. Private construction dropped 2 percent with a sharp drop in the residential sector.
Meanwhile, here in Florida, the economic conditions continue to worsen. The state faces a shortfall of more than $2 billion in this year’s budget, and when lawmakers convene for the next official session next spring, that will expand to $6 billion.
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