Vital Signs: Economy Slides into Deeper Slump

On deck: pending home sales, federal budget, trade balance, import prices, flow of funds, retail sales, producer price index, consumer sentiment

Finally, the National Bureau of Economic Research (NBER) has declared the obvious: The U.S. economy is in a recession. Upcoming economic reports this week will offer more evidence of that, as if any were really needed. The official arbiters of peaks and troughs in the business cycle say the eleventh downturn since World War II began in December 2007.

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