The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday.

The NBER - a private, nonprofit research organization - said its group of academic economists who determine business cycles met and decided that the U.S. recession began last December.

By one benchmark, a recession occurs whenever the gross domestic product, the total output of goods and services, declines for two consecutive quarters. The GDP turned negative in the July-September quarter of this year, and many economists believe it is falling in the current quarter at an even sharper rate.

Here is a list of ideas for consumers to help weather this economic
storm. The information comes from www.consumeraffairs.com

Tips for Consumers and Retail Shoppers:

1. Now is a good time to be a consumer. You might have less money to spend but retailers want your money more than anytime in recent history. Take some time to shop around for the best prices, environment and service.

2. Your dollar is your vote. If you really enjoy shopping at a local retail store don't expect it will be waiting for you to come back if you switch your shopping habits. Choose where you spend your dollars based on whom you would most like to continue doing business with.

3. Be reasonable about where you travel to shop. Driving an additional 10 miles to save a dollar probably isn't worthwhile. Try and maximize your savings per trip.

4. Limit credit card use. Retailers may be running great specials but stocking up at 70 percent isn't saving you money if the balance stays on your credit card for multiple billing periods.

Tips for Retailers and Business Owners:

1. Just like consumers shouldn't rely on
to purchase items at a discount, neither should you. Financing unnecessary inventory with debt because it is being offered at reduced prices won't make you money in the long run.

2. Offer consumers lower price substitutes in your store. Lower price point options may keep a consumer in your store from shopping at a discounter.

3. Don't be afraid to have sales or specials to move inventory. The downturn won't last forever and getting more people in your store or restaurant is the key to building long lasting customer relationships and repeat business. You might not make the same profit per item or customer that you were prior to the downturn, but you are making sales and meeting customers.

4. Don't assume the raising prices will keep your revenue stream stable during a downturn. The price elasticity of the goods you sell will determine whether you can raise prices or not. Do not raise prices on highly elastic goods -- those where people's buying habits will change based on the price of a good -- as this will reduce the quantity demanded dramatically.

5. Know your inventory, this might include keeping detailed records or journals of what you sell the most of and to whom. Pay attention to your competition and their prices. Being in touch with the nature of your inventory can limit lost revenue with respect to price changes and stocking of inventory.

6. Consider low to no cost options to revitalize your space. Changing the layout of your store can add instant appeal with little or no expense.

7. Be prepared to make some sacrifices and tough choices. Plan for the future and think strategically about where you want to be when the down time ends.

8. Listen to your customers, they are your greatest asset.