Martin Feldstein, who heads the group that is considered the arbiter of U.S. recessions, told CNBC that he believes the U.S. has been sliding into a recession since December or January.
“I think the professional forecasters have been a little slow to come to the recognition that we’re in a recession,” Feldstein said in a live interview.
Feldstein, president of the National Bureau of Economic Research, said the downturn could go on longer and deeper than the two most recent recessions.
Feldstein said he expects a bounce in the second half of the year as rebates roll out. But, he cautioned not to count on consumer confidence.
That leads to our Fast Money Reader Poll. Tell us what you think!
> U.S. Sliding into Recession: Head of Economic Bureau
Got something to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap! Prefer to keep your comments private? Sned those questions and comments to .