US economy in recession .

>> Tuesday, December 2, 2008

The United States economy is now in recession, according to the National Bureau of Economic Research. It says that the recession began in the United States in December last year. As per the bureau the number of people in jobs has fallen every month this year.

Speaking at a forum for the leading American companies, the Fortune 500, the treasury secretary, Henry Paulson said that it is a challenging time that the right steps are taken to move out of recession.

The Governor of California has called an emergency meeting of the state legislature to discuss the state`s USD 11 billion deficit. He has already declared a state of emergency which will allow the legislature to change the existing budget.