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Friday, July 30, 2004

it wasn’t a recession?

a few days ago, i mentioned the two-year decline in american incomes. the “escape clause” was that the income decline occured during a recession. nevermind that other recessions since 1953 hadn’t produced income declines. today, that escape clause vanishes in the face of new economic data from the department of commerce.

Not only was the U.S. recession in 2001 the shallowest on record, it may not have been one at all — at least in the classic sense of two straight quarterly declines, new government data show.

so american incomes fell, despite a “flat” economy.

update (2004.07.31): somehow, i knew a “non-recession recession” would be irresistable over there. barry brings a different perspective (of course).

posted by roj at 11:41 am  

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