Remarks
Cheer Up, Everybody! The Recession Is … Over?
As bad as things are, they’ve stopped getting worse, economists say.
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If you’re cold you won’t believe a weatherperson who says it’s warm. But if the unemployment rate is in the double digits and an economist tells you the recession is over … believe it.
Over the past two days, top economists from Goldman Sachs Group Inc. and Morgan Stanley issued reports saying the world economy was hitting bottom. If true, that means the recession is over and a recovery has begun. Yes, even though the U.S. Bureau of Labor Statistics is likely to announce on Friday that the unemployment rate in April was the highest since the Great Depression (16%, according to a Bloomberg survey of forecasters).