There has been much speculation that the economic recession is over. Just wishing it to be so or repeatedly saying it is so does not necessarily mean that is the case. At the heart of the matter are two simple questions - What exactly defines a recession? Does something not getting worse mean it is getting better? First things first; let's be sure we are on the same page as to what a recession is. The classical definition is two consecutive quarters of negative economic growth as measured by gross domestic product (GDP). Using this definition, we have plainly been in a recession. A recession can also be defined as a significant decline in activity across the economy, lasting longer than a few months and visible in industrial production, employment, real income and wholesale-retail trade...
Is there a recession in our future? Some say it's already here. Experts weighed in on the subject Wednesday, continuing the drumbeat that intensified with last Friday's report that showed the U.S. added a paltry 18,000 jobs in December as the unemployment rate climbed to 5 percent a two-year high.
What we already knew is official: We're in a recession, and have been since last December. The classic definition of a recession is two quarters of negative gross domestic product, and although the economy grew in the first two quarters of last year, the official referee in these matters, the nonprofit National Bureau of Economic Research, said a broad array of other indicators - nonfarm payrolls, industrial production, personal income - began to slide in December 2007.
Unemployment is up and houses are selling for less, but the state's economy has not yet contracted, executives with Wells Fargo said Wednesday. Our contention is we're going to skirt the technical definition of a recession, which is two consecutive quarters of negative gross domestic product growth," said Sterling Jenson, regional managing director of Wells Capital Management.
You know things aren't going well when the good news is that the bad news isn't as awful as it could have been. The U.S. Department of Commerce announced that in the quarter just concluded, our gross domestic product - that's the totality of the economy - shrank by 0.3 percent. Since the definition of a recession is two straight quarters of the economy getting smaller, it means we're very likely in one.
The nation's economic crisis is more serious "than anybody ever dreamed" and is going to get worse, a former Federal Reserve policy- maker said Tuesday in Milwaukee. Robert D. McTeer, who was president of the Federal Reserve Bank of Dallas for 14 years and a member of the Fed's Open Market Committee, said the nation probably has been in a recession all year even though it hasn't met the definition by officially recording two consecutive quarters of negative Gross Domestic Product.
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The state is somewhat buoyed by the health of its natural resource extraction industries, primarily coal, and because it lacks substantial housing, financial services and manufacturing industries, which have been among the hardest hit by the crisis, he said. Moody's definition of recession differs from the one used by the National Bureau of Economic Research, which defines it as two consecutive quarters of negative growth in the nation's gross domestic product.
WASHINGTON (AP) - The government on Friday released revised figures for the gross domestic product that showed that, under one standard definition of a recession, the 2001 downturn doesn't qualify. Private economists who reviewed the new data said they still believe the country did suffer a recession that year, although an even milder one in GDP terms than previously believed.
This study reveals how a Korean monetary transmission mechanism evolves in the tumultuous decade of the 1990s. We show that (i) contractionary monetary policy shocks have more explanatory power for the post-crisis periods than for the pre-crisis period; (ii) the effects on output from external shocks attributed to the oil price and the U.S. federal fund rates are mixed; (iii) there is little positive spillover effect from the U.S. to Korea through the trade channel; and (iv) there is a positive spillover effect from the international capital market channel.
... country's key economic indicators such as gross domestic product or employment.1 While this defini...
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