The recession is over? It is?
I don't know, but the National Association of Business Economists' declaration Monday "The Great Recession is over" did not bring on much cheering.
With close to 11 percent unemployment in Florida, a still deeply troubled housing market and consumers still scared to spend, it doesn't feel like the end, does it?
While the economy works through those, the good news, I suppose, is that the forecasters who had suggested we would get a double-dip recession are quiet now. We really don't want to go back down to the bottom twice.
The one part of the scene that seems to be throwing a party is the stock market. The NABE forecast supports that. The economists expect corporate profits to shoot up by 11 percent next year. And stocks to continue to rebound.
Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.
Comments
These are the same "economist" that didn't see this whole mess coming, yet now they have it figured out as far as when it has ended. I mean, really? REALLY?
I would rather listen to economist who saw this coming from the beginning. Eric Janzen, Soros, Nourel Roubini (though he has been a bit suspect as of late), Peter Schiff etc.
Posted by: SoCorney | October 13, 2009 10:02 AM
the economy is growing.. Q3 should see 2-3% growth.
Posted by: hello | October 13, 2009 10:16 AM
those economists that saw 'this' coming are the same ones who have been saying that for the past 25 years. Roubini has a piss poor record forecasting anything.. and Soros made his money in currency trading, not forecasting the economy so both dont have track records.
Roubini said L shape recovery.. now he is saying U shape. because he says the govt intervension is working.. nice for him to change his mind after the fact. anyone with a brain would of known the dems would pump money into the economy.. the fact he didn't have that common sense to understand politics shows he is ignorant
Posted by: hello | October 13, 2009 11:19 AM
This is spin. Pure and simple, and that is all it is. It will get much worse. The jobs that've dried up that are NOT being replaced and all the houses the banks are going to end up with will make this a serious double dip recession. So is the recession over? Let's just say it's intermission. Stay tuned.
Posted by: Pundit | October 13, 2009 11:20 AM
Over?! Give me a break. When people can get into a home they can afford, find a job, feed their family, and fall asleep at night without wondering if they're going to be homeless the next day, THEN and ONLY THEN will it be over.
Posted by: Liz | October 13, 2009 12:28 PM
We've lost our economic engine, Construction, and it will not return until all of the foreclosures, bankruptcies, distressed sales, bank failures, have run their course. My guess is, that in S. Florida, we won't have positive growth for at 10, maybe 15 years. Meanwhile, our local gov't officials will keep raising taxes to pay for the automatic pay and pension increases for union workers. Future local budget meetings should be interesting; that is, if they're held in public forums.
Posted by: apberusdisvet | October 13, 2009 12:37 PM
How can a recession be over w/ increasing unemployment? This is the press spinning reality for the benefit of our glorious...mmmm.mmmm.mmmm...leader.
Posted by: Sebastian The Ibis | October 13, 2009 4:13 PM
Our mmmmmmmmm, mmmmmmm, mmmmmm president had virtually destroyed private industry and employment in this country in less than 10 months. Only jobs left are government and hospital jobs. Its getting much worse.
Posted by: joe blowe | October 13, 2009 7:04 PM
and they say ALL this is Bush's fault.. mmm mmm mmm is a GOD! ... not ......
Posted by: Gina | October 13, 2009 7:42 PM
Well here is my take on this. The recession may be over by statistics but people are still suffering with financial burdens. Regarding the unemployment here in Florida. I seeing alot of blame on MMMMMMMM...???? Well folks, our governor Charlie Crist is running the show here not Obama... When was the last time you saw Crist on the tube talking about job creation or anything relating to the Florida economy. Can you say Clueless!!! Second, Obama has been in office 9 months...can you repeat 9 MONTHS... I see no blame on the past 8 years, Bush was great for all... I see stupid people, they are everywhere!!!!!
Posted by: J | October 14, 2009 10:03 AM