Recession – two succeeding quarters of negative growth.
We’ve been hearing that word, recession, over and over and over again from the media (once again, the mantra of feeling / emotions over facts – hey, it’s an election year – should we expect otherwise from the MSM?).
Well, the economy did slow at the end of last year. However, we have not slid into a recession, no matter the howling from the political classes. Be that as it may, we’ve now had quarterly growth of 0.9%, followed by a quarter of 1.9% (a doubling in the percentage rise). Not negative, positive (albeit small, but still > 0).
The number of people signing up for jobless benefits declined last week, the third straight drop from a six-year high reached earlier this month, the government said Thursday.
Applications for unemployment benefits dropped to a seasonally adjusted 425,000, down 10,000 from the previous week, the Labor Department reported. That was a slightly better figure than the 427,000 analysts expected.
The four-week moving average also improved to 440,250, down from 446,250 the previous week.
Meanwhile, the Commerce Department said Thursday that the economy grew at a 3.3 percent annual rate in the second quarter, faster than analysts expected.
Latest number: 3.3% (another doubling almost). Not bad at all! Now add the fact the number of people filing for unemployment went down says that we should not only dismissing the idea that we are in a recession, or that a recession is close, but dismissing those that say we are in one.
Unless facts don’t matter…