No Recession yet...officially

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Many economists say that we aren't in a recession until there are two consecutive quarters of negative growth.Using that barometer, the figures on GDP released today would seem to indicate that the economy is still growing albeit very, very slowly: The bruised economy limped through the first quarter, growing at just a 0.6 percent pace as housing and credit problems forced people and businesses alike to hunker down. The country's economic growth during January through March was the same as in the final three months of last year, the Commerce Department reported Wednesday. The statistic did not meet what economists consider the definition of a recession, which is a contraction of the economy. This means that although the economy is stuck in a rut, it is still managing to grow, even if slightly. Many analysts were predicting that the gross domestic product (GDP) would weaken a bit more -- to a pace of just 0.5 percent -- in the first quarter. Earlier this year, some thought the economy...(Read Full Post)