Is Europe's Recession Really Over? 159
jones_supa writes "Bloomberg, the WSJ and the NYT cheered to report that the Euro Zone's economy has showed signs of recovery after two years of decline. They're all based on the news that Eurostat, the keeper of economic statistics for the European Union, says GDP grew 0.3 percent within the EU's borders from the end of March through June. As Olli Rehn, Eurostat's vice president, writes on his blog: 'I hope there will be no premature, self-congratulatory statements suggesting "the crisis is over."' He calls the GDP report only another sign of 'a potential turning point in the EU economy.' The quick conclusion by some economists and some in the news media that a slight rise in one quarter's GDP means a recession is over ignores how experts figure out when an economy is either in a significant downturn (a recession) or enjoying steady growth (an expansion)."
Betteridge's law of headlines (Score:5, Funny)
Re:Big Mistake (Score:5, Funny)
See, this is why the dolphins think we're morons.
I'm inclined to agree.
Re:Betteridge is actually wrong this time (Score:4, Funny)
A recession is defined as two consecutive quarters of negative growth. Thus, the recession is technically over.
Which doesn't mean it can't come back later.
"A recession is when your neighbor loses his job. A depression is when you lose yours. And recovery is when Jimmy Carter loses his."
-- Ronald Wilson Reagan