Recession :: essays papers

break Despite all the recession talk recently, the economy apparently isnt doing so badly. The Commerce department today (4.27) announced that GDP grew at a 2.0% annual rate in the first quarter. This was up from 1% in the last-place quarter of 2000. The 2% rate is still slower than this judgment of conviction get year, but it seems as though a recession has been avoided for another(prenominal) quarter. (A recession is often defined by 2 or more quarters of negative growth, click here for more on the definition of a recession). This means that the current expansion has lasted for an even ten historic period - the trough of the recession in the early 1990s came in March of 1991. charge Revisions The number that was released is the pass off GDP report and is subject to revision. In the last two quarter of 2000, the final release was slightly lower than the advance number - so its possible - but very unlikely - that we testament be dipping below the zero mark. On average preliminary real GDP is revised by 0.6 points to reach the final measure - in 90 percent of the cases the revision (advance to final) was between - 0.9 to 1.3. (See table) Revisions to Real GDP number 2/3 of revisions 90% of revisions Advance to preliminary 0.5 -0.5 to 0.7 -0.9 to 1.2 Advance to final 0.6 -0.6 to 0.9 -0.9 to 1.3 Preliminary to final 0.3 -0.4 to 0.4 -0.5 to 0.6 Advance to latest 1.