The U.S. economy entered a recession in December 2007 and this downturn is likely to worsen, the Business Cycle Dating Committee announced Monday.
The BCDC consists of seven economists who officially determine when a recession starts and ends. The committee defines a recession as "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 Washington Post reported.
The Dow Jones Industrial Average dropped by 680 points following the announcement.
Experts anticipate the recession will last into the spring, making it at least 17 months long, according to The Boston Globe.
-MAUREEN McCARTY
