OPINION: Is the recession over?Posted on
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.