http://www.bloomberg.com/apps/news?pid=20601087&sid=aM5vmVlHcV6A&pos=1
“The rise in the unemployment rate is very ugly,” Ethan Harris, head of North America economic research at BofA Merrill Lynch Global Research, said in an interview with Bloomberg Television in New York. “This is a big backward step to get this high of an unemployment number this early in the recovery.”
The U.S. economy expanded last quarter for the first time in a year, growing at a 3.5 percent pace as government incentives spurred consumers to spend more on homes and automobiles.
Me: I think it might be time to change the definition of recession. With the economy in ‘recovery’ mode and unemployment over 10%, I officially declare this a stupid definition of recession.
People over statistics, that’s what I say.
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