CEA Chief: No Recession

Wednesday, May 07, 2008 | 10:01 PM

Another reputation, soon to be in tatters:

The White House's top economist said he's confident the U.S. economy hasn't dipped into recession, and expressed optimism that stimulus checks could bolster growth in the current quarter, earlier than expected.

"The data are pretty clear that we are not in a recession," Council of Economic Advisers Chairman Edward Lazear told a meeting of editors and reporters from the Wall Street Journal and Dow Jones Newswires.

But the official declaration of a recession would likely be made after the fact by the National Bureau of Economic Research. And Mr. Lazear said just two areas of the economy are showing the type of deterioration that the NBER would consider recession range: retail sales and manufacturing. NBER says a recession is marked by a significant decline in economic activity, lasting more than a few months and seen in real gross domestic product, real income, employment, industrial production and wholesale-retail sales.

I'll see if I can get the full piece posted . . .


Lazear Sees No Recession for U.S. Economy
WSJ May 7, 2008 8:08 p.m.

Wednesday, May 07, 2008 | 10:01 PM | Permalink | Comments (24) | TrackBack (0)
de.li.cious add to de.li.cious | digg digg this! | technorati add to technorati | email email this post



TrackBack URL for this entry:

Listed below are links to weblogs that reference CEA Chief: No Recession:


Just like the White House came up with their own data for when the last recession started, you're almost guaranteed the numbers will not show a recession until Bush leaves office.

Posted by: Finbob | May 7, 2008 10:26:39 PM

The comments to this entry are closed.

Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      


Complete Archives List



Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:

Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo



Odds & Ends

Site by Moxie Design Studios™