by Cat Matson
I just heard on the news that the US National Bureau of Economic Research has declared that the US has actually been in recession since December LAST YEAR (http://tinyurl.com/5lb5uv).
I laughed.... because it just goes to highlight how subjective the definition is of 'recession' (http://en.wikipedia.org/wiki/Recession).
It also confirms my opinion in my last post and in the presentation I did last week titled 'Tough Times? No, It's Crunch Time' that Australia is NOT going to go into recession.... our GDP is forecast to actually grow over the next 12 months. Sure, consumer confidence is down.... but that confidence is based largely on the scare mongering in the media... and a too heavy reliance for want of a better word on what is happening in the states.
We are not in the states.... we are not experiencing a sub-prime housing market collapse and our economy is in good shape.
Still not convinced...? Just go into any major shopping centre and witness the amount of money being spent in the lead up to Christmas.... don't you worry, there's still money being spent.
Cat
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