Summary: Although the U.S. economy has not yet recorded two consecutive quarters of declining economic activity-a traditional indicator of a recessionary period-the National Bureau of Economic Research states that the economy has been in recession since December 2007. The NBER said that deterioration in the labor market throughout 2008 was one key reason it decided that a recession began last year.

Summary: The implosion of the housing market continues its impact upon all aspects of the economy. The November jobs report indicates that the economy lost 533,000 jobs, as the unemployment rate reached 6.7%--the highest number in decades. Almost 2 million Americans have lost their job this year, and it could get worse if the automakers fall into bankruptcy.

Summary: Consumer spending is down around the world, as luxury goods makers like Italy's Bulgari say the economic environment is the worst since 9/11. Bulgary third quarter profits dropped 44%. Surprisingly, sales of high-end jewelry-items above $75,000-have not declined.

Summary: Analysts predict that the commercial real estate market may soon face its own wave of foreclosures. From malls to small independent retailers, businesses are finding it hard to keep up with their commercial mortgages. While defaults and late payments are projected to triple in number by the end of 2009, some business owners may receive an opportunity to renegotiate the terms of their loans through the U.S. Troubled Asset Relief Program.