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Economy limps ahead with modest 0.6 percent in 1st quarter
biz.yahoo.com — The statistic did not meet what economists consider the classic definition of a recession, which is a retraction of the economy. This means that although the economy is stuck in a rut, it is still managing to grow, even if modestly.
zelig- 12 diggs
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- ElvisNixon, on 04/30/2008, -2/+2So does this mean the recession is off? Here on Digg everybody's talking like we're in a damn depression.
- demicritter, on 04/30/2008, -1/+3You obviously haven't done much traveling around the US. Vacancies are huge and retail is suffering.
- demicritter, on 04/30/2008, -0/+3This metric is misleading. Growth is not an accurate representation of the economy. In fact, growth is disruptive at its core. In simple terms, growth means displacement. There are fixed sizes, amounts of space or number of customers. Growth in one area means detracting from another such as a competitor. And if growth goals aren't achieved, organizations often cut personnel to help bolster their efforts. So is growth always good? Various market sectors are doing very poorly while the overall US manufacturing picture remains bleak. Areas of the US continue to lag economically due to loss of manufacturing. These factors are ignored by the economists who care only for capital growth. The social and human costs of all this growth aren't addressed in the Fed #s.
- zelig, on 04/30/2008, -1/+1The ones who are suffering most are the people that speculated on the housing market and lost. Those people that inaccurately thought housing prices were going to keep rising forever.
Now, we have a buyers' market.
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