The Real Deal Miami

Recession deemed official

October 30, 2008 10:41AM

Data from the Commerce Department released new findings Thursday, supporting what many Americans — and most Floridians — already believe: We’re in a recession. To prevent the downturn from deepening, the Federal Reserve slashed its benchmark interest rate by half a percentage point Wednesday. The move leaves the federal funds rate at just 1 percent, erasing all rate hikes by the Fed since 2004.The U.S. economy has clearly moved into recession, said Kurt Karl, chief U.S. economist for Swiss Reinsurance Co. Ltd. Florida has been in recession for more than a year, state experts say.