Yesterday the latest GDP figures were released. Interestingly, the last three quarterly growth rates sum to zero. If you use the original Sept 08 estimate their sum is -0.1.
Yesterday's release demonstrate why we should not rely solely on numbers. They also demonstrate why we shouldn't rely on arbitrary definitions. The debate as to whether we are in a recession or not is futile. Irrespective of the numbers and rules, unemployment is set to rise, businesses are struggling, confidence is down etc.
I believe, although we may not be technically in a recession, we are certainly in the midst of a recessionary environment.
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