We are in Recession.

American Thinker ^ | 06/26/2014 | Joseph Gestetner

[SeekAndFind]

The economy is in a recession in effect if one quarter GDP (Gross Domestic Product/economic activity) wipes out the gains of the previous quarter. You do not need officially two consecutive quarters of a flat or minus GDP headline to be called a recession. Instead, as occurred in Q1 (first quarter of) 2008, one quarter GDP was so bad that it wiped out the weak gains of the previous quarter (Q4 2007). Result? The official start of the last recession was Q4 2007 despite the fact that only one quarter was in a minus.

Well, Q1 of 2014 wiped out the gains of Q4 2013, which means we are in a recession and it started Q4 2013.

In Q2 2008, the GDP rose at an annual rate of 2% but it did not end the recession, because jointly with the first quarter of 2008, the economy was still flat and or contracting for six months.

For this recession to end quickly, Q2 2014 GDP needs to add to the economy the $118 billion that was wiped-pout in Q1. That would be a GDP headline of about/above 3%.

The first estimate for Q2 GDP will be released at the end of July, then revised at the end of August, and the final number will be released at the end of September. But even if the late July estimate of Q2 will show a 3% annual growth rate, do not buy it from this administration. Look how the Q1 GDP estimates changed: 0.1% growth in the first estimate (late April); to -1.0% in the second estimate (late May), to 2.9% in the last (late June) estimate.

[GraceG]

I went from a 80K a year job to a 40K a year Job so my personal income grew by -50%..... YAY!!!!!!

[Georgia Girl 2]

We have been in recession. Now we are heading for Depression.

[LibertarianLiz]

I have always been of the opinion that we never really got out of the last recession.

[LibertarianLiz]

The stock market is NOT the economy any more

I remember seeing Charles Payne on the Varney show some time ago and he said something to the effect that he had never seen the stock market so disconnected from what is happening in the general economy.

[<1/1,000,000th%]

Depression.

[LibertarianLiz]

Being in a recession used to be a big influence on elections. But 2012 proved that the Entitlement Army is now large enough that it really doesn’t make much difference.

I had the same reaction to that election. Depressing, isn't it?

[driftless2]

What???? Are you trying to tell me a command, socialist inspired economy does not work as well as a demand, free-market one? Next you’ll be telling me that Cuba and North Korea are economic disasters.

[RipSawyer]

“I have always been of the opinion that we never really got out of the last recession.”
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Of course we did, we got out when we entered the current depression.

[RipSawyer]

“Next you’ll be telling me that Cuba and North Korea are economic disasters.”
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They are both shining examples of the wonders of “negative growth”.