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Reuters: US Recession Is Over (Again)

From those never wrong economists at Reuters:

Worst of the U.S. recession over: survey

By Lucia Mutikani

WASHINGTON (Reuters) – The worst U.S. recession since the Great Depression has ended, but weak household spending as the labor market struggles to create jobs will slow the pace of the economy’s recovery, according to a survey released on Monday.

The survey of 44 professional forecasters released by the National Association of Business Economists (NABE) found that 80 percent of the respondents believed the economy was growing again after four straight quarters of declines.

"The great recession is over," said NABE President-Elect Lynn Reaser…

The current recession that started in December 2007 is the longest and deepest since the 1930s. It was triggered by the collapse of the U.S. housing market and the ensuing global credit crisis.

The NABE survey, conducted in September, predicted real GDP growth expanding at a 2.9 percent pace over the second half of this year. Output for the whole of 2009 is expected to contract 2.5 percent and next year, rebound to 2.6 percent.

Much of the anticipated recovery was seen driven by businesses rebuilding their inventories after aggressively reducing unwanted stocks of unsold goods to match weak demand…

What a relief.

Luckily this won’t hurt the effort to pass a second stimulus.

The current recession that started in December 2007…

Of course, this is just further proof of how our media master have re-defined both the terms ‘recession’ and ‘recovery’ to suit their masters’ agenda.

By the way:

Note that the NABE claims that the recession began in December 2007.

And yet the unemployment rate in December 2007 was 4.9%, which was exactly half of what it is now.

But we are no longer in a recession.

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This article was posted by Steve Gilbert on Monday, October 12th, 2009 at 11:17 am. You can leave a response.

7 Responses to “Reuters: US Recession Is Over (Again)”

  1. bill
    October 12, 2009 at 1:29 pm

    Know them by their own chart … A recession is defined by two consecutive down quarters, which the chart represents accurately as having started in Q3 2008, not the oft repeated lie of 2007 … Blame Bush.

    And the end is two consecutive up quarters … which hasn’t even been one yet.

    Always wait for the revisions, they are always worse that the initial estimates.

    So if Obama can blame Bush for the 2009 economy after being in office for 9 months, can we now blame Clinton for the 9/11 attacks?

  2. proreason
    October 12, 2009 at 2:54 pm

    See the minus 1% in the second quarter of 2009?

    That represents about 1 million people who lost their jobs in April, May and June.

    I wonder if they think the Recession is over.

    Or the other 29 million people without jobs.

  3. 12 Gauge Rage
    October 12, 2009 at 4:21 pm

    If the recession is really over then why does the value of the dollar continue to plummet? Or international economists talk of replacing it as a currency?

  4. VMAN
    October 12, 2009 at 5:10 pm

    I am totally tired of this crap. Is there a good conservative lawyer out there that can bring a malpractice case against these media creeps. Something has to give here and I don’t mean the kind of “reaching across aisle” that Lindsay Grahmnisty wants.

  5. canary
    October 13, 2009 at 1:33 am

    Bill, I absolutely blame Bill Clinton on the 9/11 attacks.

  6. Right of the People
    October 13, 2009 at 11:43 am

    Slick Willy and his posse bear 100% of the blame for 9/11.

    This recession isn’t over by a long shot. As much as I hate to say it, we need for things to stay the same if we have any chance of cleaning house in 2010. If we have an artificial recovery just in time for the election next year nothing will change and we’re duly and truly screwed.

  7. joeblough
    October 15, 2009 at 11:56 pm

    They’re scheduling the release of “stimulus” funds right before the next two elections to give the appearance of a recovery.

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