What is recession?

So if we are out of a recession, why is it still so crappy and what do we call it?

  • There's all these news reports talking about how 70% of Canadians believe we're still in a recession but we are wrong and we are definitely no longer in recession and have not been for a couple years. It says our income is good but because of population boom it throws things off. Everyone I talk to thought we were in a recession still. If you look at someone who works a minimum wage job, things aren't necessarily better than if you lived in the States who still ARE in a recession. I find it insulting for economists to say well people are just bitter about their personal prospects if 60-70 percent of people feel that way. Something must still be pretty crappy for most Canadians to believe we are still in a recession. So anyone have any suggestions?

  • Answer:

    Technically, a recession is two consecutive quarters of negative GDP "growth". So technically, there is not a recession. People feel like it's a recession because GDP growth is anemic and their "personal" economies are not improving. See the second link for recent years' Canadian GDP growth rates.

JBD at Yahoo! Answers Visit the source

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