Government May Say Recession Over But Not Job Losses

Economic numbers coming out in the next week or so are expected to make it technically official -- the recession is over, but not the pain.

This week, the government will be releasing figures expected to show the Gross Domestic Product growing at an annual rate of around 3 percent. But next week, the government issues another set of numbers expected to show unemployment rising toward -- and possibly passing -- a clearly recessionary 10 percent. Such seemingly contradictory assertions raise questions about economic scorekeeping.

For his part, economist James K. Galbraith says any real return to prosperity could be years away, when unemployment gets back around 4 percent.

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  • by Lavon Location: Goldsboro on Oct 27, 2009 at 09:50 AM
    People job losses don't come back in a matter of weeks or months. It's going to take probably 3-4years before you start to see unemployment numbers go down. It takes years for that to change and most of you know this but your just playing politics as usual...
  • by Obama Snake Oil Co Location: Washington on Oct 27, 2009 at 06:25 AM
    The libs couldn't control the economy or even understand how it works. Agenda items cost too much money and will lead to inflation just like during the Jimmy Carter years. I heard this morning, on Fox of course, that Congress wants to freeze interrest rates.....let the inflation begin. Idiots as usual run the government and this time, worse than Republicans. Obama spent our future, both houses want to finish it off.
  • by Rico Location: Greenville on Oct 27, 2009 at 04:23 AM
    This guy has been sniffing too much glue if he thinks the recession is over!

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