Is The US Already in Recession?
Via a recent media blitz, ECRI Co-Founder Lakshman Achuthan insists that the US is already in recession, apparently as of July. I would be very skeptical that this was in fact the case. I think the preponderance of evidence weighs in favor of ongoing expansion, disappointing as the pace of that expansion may be.
Actually, Achuthan loses credibility quite quickly by claiming there is a strict definition of recession based upon peaks of production (Achuthan apparently views “production” as “industrial production”), income, jobs, and sales. In contrast, according to the NBER business cycle dating committee:
Read more: http://newswalls.blogspot.com/2012/12/is-us-already-in-recession.html