Legal Commentary

It's not a recession.

Economy grows by only 0.6 percent in 1st quarter of 2008

The bruised economy limped through the first quarter of this year at only 0.6 percent as housing and credit problems forced people and businesses alike to hunker down.

The country's economic growth during January through March was the same as in the final three months of last year, the Commerce Department reported Wednesday. The statistic did not meet what economists consider the classic definition of a recession, which is a retraction of the economy. This means that although the economy is stuck in a rut, it is still managing to grow, even if modestly.

Full post as published by Althouse on April 30, 2008 (boomark / email).