Longest Recession Ever

Preliminary Commerce Department figures show that the US GDP declined at an annualized rate of 1 percent in the second quarter.  “While the contraction was less severe than the in the previous three quarters, it was the first time since official figures started in 1947 that the US has suffered four consecutive periods of declining output,” FT reports.

This gives pretty good reason to hope that we’ll see growth in the next quarter and thus be officially out of the recession. (Much more anecdotal evidence at the link.)

And it’s truly remarkable that four consecutive quarters — i.e., merely one year — of negative growth is a postwar record.

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James Joyner
About James Joyner
James Joyner is Professor and Department Head of Security Studies at Marine Corps University's Command and Staff College and a nonresident senior fellow at the Scowcroft Center for Strategy and Security at the Atlantic Council. He's a former Army officer and Desert Storm vet. Views expressed here are his own. Follow James on Twitter @DrJJoyner.

Comments

  1. markm says:

    This gives pretty good reason to hope that we’ll see growth in the next quarter

    Five bucks that the 1% figure gets revised downward.

  2. odograph says:

    Not only are those GDP numbers fairly bad, they come with our huge increase in Federal spending.

  3. Wayne says:

    Government hasn’t been instilling that much confidence in our system. With the anti energy and anti business attitude in Washington D.C and many of the States, I can see this recession continuing. IMO the so —call stimulus bill has had the opposite affect.

  4. Derrick says:

    Government hasn’t been instilling that much confidence in our system. With the anti energy and anti business attitude in Washington D.C and many of the States, I can see this recession continuing.

    I hope that’s sarcasm. If gutting regulations and the power of the regulators to govern business is anti-business, I’m frightened about what you would consider pro-business.

  5. Wayne says:

    “If gutting regulations and the power of the regulators to govern business”

    This is happening where? How about giving us some examples.

  6. Triumph says:

    Longest Recession Ever

    Unfortunately the Obama Recession is showing no signs of abatement.

    This is what we get for voting in a non-citizen racist as Prez. His entire focus is on destroying the country–hence is caving to al Quaeda and Saadam.

  7. An Interested Party says:

    re: Triumph at July 31, 2009 16:06

    I wonder how many people truly believe in sarcasm like this…

  8. odograph says:

    Triumph, remember that “Obama talked our healthy Bush economy down into a Democrat Recession.”

    (I know, I saw it on CNBC.)