US entered recession a year ago – official

Economic growth, Futures trading, Leverage

Last March, the blog supported Warren Buffett’s statement that “by any commonsense definition, the US is in recession”. I also wrote an article for ICB in April, “Building your defences“, to suggest how companies could develop contingency plans to deal with the “real threat” of recession.

At the time, government figures did not support Buffett’s claim. But today, the official US body responsible for dating recessions has formally declared that the US entered recession last December.

As the blog expected back in May, when quoting Mark Twain’s famous line “Lies, damned lies and statistics“, Buffett’s call has turned out “to have been right, after all”.

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