From the Bureau of Economic Analysis:
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 0.6 percent in the first quarter of 2008, according to advance estimates released by the Bureau of Economic Analysis. In the fourth quarter, real GDP also increased 0.6 percent.
Nothing to burst out in joyful shouts about, but the reality is: Two quarters of growth in a row do not amount to a recession.
UPDATE (3:18 p.m.): James Pethokoukis at Capital Commerce:
Out: Recession. In: Expansion. That’s my quick take on today’s first-quarter gross domestic product number, which showed that the economy grew 0.6 percent in the first quarter. Now that’s not a robust number by any means, but it’s not so bad given all the worry out there that the economy is headed off a cliff. Before you declare a recession, as many economic pundits have, shouldn’t the economy, well, actually recess a bit—if only for a quarter?
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