United States NOT in a Recession (Despite the Best Efforts of the Media)!
As I have been saying all along, the United States is still not in a recession and has not been since 9-11. When you read this article admitting this, notice how disappointed the writer is that we are not in a recession!
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Slight Economic Growth Says U.S. NOT in Recession
It may feel like the U.S. economy is in a recession, but according to new government figures it just isn't so.
The U.S. Commerce Department is reporting that the economy limped through the first quarter of this year at a 0.6 percent growth rate -- the same rate recorded for the fourth quarter of 2007.
That growth rate is small, but it beat expectations and proves that the economy is not in a recession. The generally accepted definition of a recession is six months of stagnant or negative growth.
Still, 68 percent of America's adults believe the United States is heading toward a recession, and 53 percent are cutting their spending and paying down debt as a result, according to a survey released Wednesday by American Institute of Certified Public Accountants. Americans' most pressing financial concerns, according to the poll, are escalating energy costs, retirement and education (either a child's education or student loans).
Earlier this year, some economists thought the economy would lurch into reverse during the opening quarter. Now, they say they believe that likely will happen during the April-to-June period.
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Slight Economic Growth Says U.S. NOT in Recession
It may feel like the U.S. economy is in a recession, but according to new government figures it just isn't so.
The U.S. Commerce Department is reporting that the economy limped through the first quarter of this year at a 0.6 percent growth rate -- the same rate recorded for the fourth quarter of 2007.
That growth rate is small, but it beat expectations and proves that the economy is not in a recession. The generally accepted definition of a recession is six months of stagnant or negative growth.
Still, 68 percent of America's adults believe the United States is heading toward a recession, and 53 percent are cutting their spending and paying down debt as a result, according to a survey released Wednesday by American Institute of Certified Public Accountants. Americans' most pressing financial concerns, according to the poll, are escalating energy costs, retirement and education (either a child's education or student loans).
Earlier this year, some economists thought the economy would lurch into reverse during the opening quarter. Now, they say they believe that likely will happen during the April-to-June period.
posted by Jay Haynes @ 1:39 PM
1 Comments:
At Thu May 29, 09:12:00 AM 2008,
Jay Haynes said…
Update!
Today (May 29, 2008) the Commerce Department released updated, more accurate numbers indicating that the economy actually grew by .9% in the First Quarter of 2008 instead of .6% as originally reported.
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