28 Mar 2002 What Recession?
Posted at 16:05h in The Friday BriefToday, economists are declaring the recession is over. In fact, it was likely over before it was officially announced last fall. This morning, the government released its data on fourth quarter Gross Domestic Product that showed the economy grew at a 1.7% rate. This strong increase suggests that the first quarter of this year may be the strongest in two years. Increased spending on the part of the government and the consumer likely fueled growth as strong as 4.2% say the experts. And that spending is likely to continue as the University of Michigan Confidence indicator rose to a 15-month high of 95.7 in March from a 90.7 in February. Bloomberg reports that consumer spending grew at a 6.1% annual rate in the fourth quarter, the fastest pace since the second quarter in 1998.