Is the Recession Over If Nobody Can Tell?

Thursday, October 29, 2009

Unemployment is rising, and the job market is painfully lean — but, hey, did you know the recession is over? GDP numbers out this morning say the economy is officially rebounding. We talk to Duke University economist Mike Munger about why a bad job market may actually be boosting company profits. We also speak with Rick Holguin, owner of the recruitment firm Latinos for Hire, and Rhoda Quick, who was recently laid off from her job as a legal assistant in Minneapolis. (A tip of the hat to MPR News' Bob Collins, who originally interviewed Quick back in August.)


Mike Munger and Rhoda Quick

Comments [2]


Although those who are unemployed can take little comfort in the headlines, talk about the recession being over may help to end talks of the economy falling off a cliff.
Most people who have jobs have been holding back...thinking "we might be next". They started cutting back on spending, taking fewer vacations, driving less, postponing big ticket item purchases. Though they are fully employed, they are acting as if they were unemployed.
That has really hurt the economy...even more so than the folks who are actually out of work.
Now that the economy is sending positive signals, we hope those folks with jobs will stop holding back.
That is what could really help our economy get back on it's feet and get those unemployed people back to work

Oct. 29 2009 12:09 PM
Rhoda Quick

I don't think that the announcement this morning about that the recession is over will make a bit of difference in my situation. I am still jobless since 5-15-09. I am still going to lose my house to foreclosure. How will that announcement change that?

I have been actively looking for a new job daily since mid May. I have my name at 7 different head hunters and 3 temp firms. Can one announcement at 8:30 a.m. really change any of my predicament???

My mortgage doesn't qualify for the loan modifications being offered by President Obama. I refinanced in March 2009 and got into a fixed 30 year at 5.5% from an adjustable rate 5 year ARM. Now I am being told from Bank of America that I don't qualify for any of the programs out there since my loan is too new.

Who knows what the future holds...I just wish I could hear some good news soon that my situation will change for the better before I lose everything I've worked so hard for.

Oct. 29 2009 08:25 AM

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