“We’ve got a problem with terminology because we usually say either the economy is in recession or the economy is recovering. Either you’re in hell or you’re in heaven. And the trouble is we’re actually in purgatory. We’re actually in a situation almost for sure GDP is growing; almost for sure the business cycle leading committee will eventually decide the recession ended this summer. But almost surely also we’re still losing jobs. The unemployment rate is going to continue to rise. So we’re in that infamous jobless recovery state.”
Blog: Krugman on the Economy
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