Merrill Lynch: Recession 'has arrived'

January 8, 2008
Merrill Lynch: Recession 'has arrived'

The feared recession in the US economy has already arrived, according to a report from Merrill Lynch.

It said that Friday's employment report, which sent shares tumbling worldwide, confirmed that the US is in the first month of a recession.

Its view is controversial, with banks such as Lehman Brothers disagreeing.