Still No Recession Here, b"H

[ymarkov]

US GDP growth in second quarter of 2008 was 1.9%. So far, fourth quarter of 2007 remains the only negative quarter since 2001 (-0.2%). (A recession is defined as two subsequent quarters of negative growth.)

This is quite an amazing performance, given all the shocks to the economy lately. Unemployment was up to 5.7%, though. Add higher taxes to the mix, and it could get much worse.

Comments

[ymarkov.livejournal.com]

Yes, I've noticed. The future doesn't look particularly bright, either. Nor does it look catastrophic, though.

[dlevey.livejournal.com]

I'm not sure what to think right now. A lot depends, I guess, on the fallout from the mortgage problems. I may have a short-term tendency to be pessimistic right about now, as we're very carefully balanced and I just found we need to get a new car.