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Your Take: Are We Out Of The Recession?

Yesterday, the Department of Commerce reported that the annualized GDP (gross domestic product) grew to 3.5% in third quarter. This is significant because, by definition, a recession is two straight quarters of shrinking GDP. A 3.5% increase in GDP would mean, at least technically, the recession was over. Four straight quarters of negative GDP growth, the worst of which was the first quarter of 2009 (-6.4%), has finally come to an end.

Hooray! Right?

Unfortunately, no one living in the real world cares much for technicalities. Millions of jobs have been lost, with hundreds of thousands more each month, and so I don’t think many people feel like the recession is over even if the bean counters say so. One positive sign is that the growth beat expectations by 0.3%, which isn’t a bad thing.

Two things worry me:

So, while we’re technically out of the recession, does it feel like we’re out of the recession? What do you think?

(Source: CNN Money [3])