Yep, the recession is over....
http://news.yahoo.com/s/ap/20090813/ap_on_bi_ge/us_economy
Quote:
Retail sales dip unexpectedly, jobless claims rise
WASHINGTON – Retail sales disappointed in July and the number of newly laid-off workers filing claims for unemployment benefits rose unexpectedly last week. The latest government reports reinforced concerns about how quickly consumers will be able to contribute to a broad economic recovery.
"There is really no positive spin to put on these numbers," Jennifer Lee, an economist with BMO Capital Markets, wrote in a research note. "The U.S. consumer remains very weak. The jobs situation, while slowly improving, is still dismal."
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How are we supposed to have an increase in GDP if no one is spending and unemployment is rising? (The definition of a recession is two or more consecutive quarters of contraction in GDP. Therefore, a recession ends when growth in GDP resumes.)