The Slump That Broke The Public's Back
This recession is about average, as postwar recessions go. Unemployment is at 7.1%. According to the usual definition of a recession as two consecutive quarters of negative growth, it barely qualifies at all. Real gross domestic product grew at an annual rate of 1.8% in the third quarter of 1991, was flat in the fourth quarter, and appears to be declining only slightly in early 1992. Moreover, the recession was preceded by a record peacetime expansion. Why, then, is there such pervasive economic gloom?
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.