The US-based National Bureau of Economic Research says the US economy has been in a recession since December 2007. The private, nonprofit research organization said its cycle dating committee made the determination on Friday.

The US-based National Bureau of Economic Research says the US economy has been in a recession since December 2007.

By one benchmark, a recession occurs whenever the gross domestic product declines for two consecutive quarters. But the NBER's dating committee uses broader and more precise measures, including employment data.

The White House commented on the news, saying that a second downturn has officially begun on President George W. Bush's watch without ever actually using the word "recession." While Treasury Secretary Henry Paulson said he didn't think the decision was going to be "big news" to Americans.

(CCTV December 3, 2008)