"What do you call a recession where the economy keeps going up and up, even if a bit sluggishly? Well, my friends, you call that an expansion. And that is what we seem to have right now, despite all the economic doomsaying about a recession or even a Great Depression 2.0. Today, the Commerce Department revised its first-quarter estimate of gross domestic product upward to 0.9 percent from 0.6 percent. That follows 0.6 percent GDP growth in the final quarter of 2007. The revision also makes it more likely that the second quarter will be positive, maybe 1.5 percent, maybe even higher."
So begins the lead paragraph today in a U.S. News and World Report article by James Pethokoukis.
4 comments:
Don't tell Hillary or Obama. It will ruin their entire day! ;)
Actually things are tough here in Michigan but it's a local problem, not national.
No recession, Bob. My wife's on the job market, and she's already quit one job because of too long of hours, and turned down two others.
As you note, GDP growth was revised upwards last week.
Gas prices are hurting people, and of course the mortgage mess, but it's a wonder things aren't way worse than they are.
Hope you're well...
Considering it took me 2 hours to get home (near Gulf Shores) after leaving at 1 pm on Friday before Memorial Day, I'd say there's no recession around here.
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