It’s pretty apparent that our economy is in a downturn, but the The National Bureau of Economic Research made it official today, releasing findings that indicate the U.S. economy has been in a recession since December 2007. The NBER is a private research organization that draws on the expertise of more than 1,000 university professors and researchers.

The White House commented on the findings, avoiding the word “recession” but admitting that a second economic downturn has begun during the president’s administration. Economists believe the recession will last well into 2009 and claim that this is the most severe financial crisis since the 1930’s.

By traditional measures, a recession occurs whenever the total output of goods (GDP or gross domestic product) declines for two consecutive quarters. But NBER also took into account employment rates, which have been falling for almost a year.

Employers have cut 1.2 million jobs in the first 10 months of 2008 and economists predict the government will report a loss of another 325,000 jobs for November.

It can be difficult to save money and think about helping others during tough times, but check out our financial education resources to learn about how you can keep your own finances in check.