Headline of the Week

Larry Kudlow mentioned it on his show last night, and Instapundit links today:

Jimmy P: Dude, Where's My Recession?

Remember, the shorthand rule for declaring a recession is back-to-back quarters of negative growth. The semiofficial recession judge, the National Bureau of Economic Research, has a more complex formula, but I am not sure it has ever declared a recession when the economy never actually shrank. And consider this: The Intrade online betting market now says there is a meager 25 percent chance of a recession—using the negative-back-to-back-quarters definition—in 2008.

Of course, even the +0.6 growth didn't stop Kudlow's permabears from asserting recession on the show last night.

Media and Blogging Posted by jk at May 1, 2008 10:24 AM