OPINION: Is the recession over?

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The “real” recession started in September 2008, not December 2007, according to economists Brian S. Wesbury and Robert Stein, and they believe it will be over by mid-2009.

The Forbes.com columnists point to the 1 percent annual rate growth in real gross domestic product between December 2007 and August 2008, which they say “doesn’t look like a recession.”

The economy shrank at a rate of 5.5 percent between September 2008 and March 2009, and that’s why Wesbury and Stein say the recession began last September, according to their report on Forbes.com

Indicators they say show the economy is recovering include the possible peak in new claims for unemployment insurance, consumer spending increasing at a 2.2 percent annual rate in the first quarter, the rise in consumer confidence in April, and the bottoming of commodity prices in February.

Click here for the complete report.

Comments

3 comments on “OPINION: Is the recession over?

  1. David Pilvelait, COO, Home Port Marine Marketing

    I think we are beginning to see signs of a bottom in the general economy… but our industry will lag the general recovery, IMHO, by a year, maybe more.

  2. dave bosod

     I don’t know about the recesion but the contrived lowering of markets so the goverment could control the monetary system, and banking, has just about run it’s course.

  3. Marina Partner

    While it does seem that there’s some anecdotal evidence that this recession is losing steam – we all know the marina/boating industry is the first to feel the pinch and one of the last to recover.
    Fortunately, even small improvements in customer spending habits can make significant difference in our bottom lines.

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