Learn what happened in business in today’s past


November 26:

2001: The Business Cycle Dating Committee of the National Bureau of Economic Research announces that the U.S. entered a recession in March, 2001. With employment down by about 0.7% and industrial production off by nearly 6%, the economy is officially showing "a significant decline in activity" -- something most Americans probably noticed months earlier.

The Wall Street Journal, November 27, 2001, pp. A2, C1; The New York Times, November 27, 2001, p. C1; The Washington Post, November 27, 2001, p. A1; http://cycles-www.nber.org/cycles/november2001/recessnov.html

1990: The Shanghai Securities Exchange is re-established in China, 31 years after it was closed by the new Communist regime.

The LGT Guide to World Equity Markets 1997 (Euromoney Publications, London, 1997), p. 124.

1876: Willis Haviland Carrier, the father of air conditioning, is born near Angola, N.Y. In 1902, just one year after graduating from Cornell's engineering school, he demonstrates his new "apparatus for treating air," the device that makes living in hot climates comfortable for the first time.