By Chris Wright, News On 6
UNDATED -- There is more bad news for an economy already in crisis.
It's official. Economic experts say our country has been in a recession since December of last year.
The recession news may not come as a shock to many Americans, but it sent a jolt through the stock market.
After making steady gains last week, the Dow plunged nearly 680 points on Monday, its fourth-worst loss ever, following news that the economy is in a recession and has been since December 2007.
Also making matters worse was news from the manufacturing and housing sector.
Manufacturing activity contracted in October by its largest margin in 26 years.
Spending on construction also dropped last month by 1.2%, a number worse than experts predicted.
Treasury Secretary Henry Paulson says the government is doing its best to get the economy back on track, and Monday's news should not come as a surprise.
"The thing that we've known and I've known is that we are in an economy that has slowed down significantly. The American people know that, and I think they've known that for some time," said Paulson.
The dire economic news has spurred more discussion about the stimulus package President Elect Obama hopes to pass shortly after his inauguration.
Governor Brad Henry will be one of more than 40 governors meeting with Obama in Philadelphia on Tuesday.
If there is a stimulus package, Henry says it needs to include money for highway and bridge projects in Oklahoma.
Henry believes investment in infrastructure would create much-needed construction jobs in Oklahoma. He also says that the governors will discuss health care funding with Obama on Tuesday.