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Bank calls US recession

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Investment bank Merrill Lynch has suggested the US is already in recession.

In a research report written by the bank’s North American economist David Rosenberg, the firm said the prospect of a recession was no longer a forecast but a present day reality.

The report revealed the four barometers used by the National Bureau of Economic Research (NBER) to date recessions had peaked during November and December 2007, but added it may be two years before the period is officially deemed a recession.

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