Recession? What recession?
The Commerce Department on Thursday said the nation’s gross domestic product actually jumped 3.3 percent between April and June, a revised estimate that was much higher than expected.
It was better than the first quarter’s 0.9 percent growth and a negative 0.2 percent in the end of 2007, equipping recession-naysayers with more fuel for their fire.
But don’t confuse the country’s growth with what’s going on at home.
“You could call it a regional misfortune… or a micro-recession,” said Ira Jackson, dean of the Drucker School at Claremont Graduate University, about the Inland Empire’s economy.
Our region’s misfortune hearkens back to the late 1980s economy in New England, which shrunk a whopping 8 percent at one point, Jackson said. Just like San Bernardino and Riverside counties, construction and finance businesses — among other industries — led the downward spiral in unemployment at the time.
The U.S. economy may have expanded during the second quarter, but the year’s remaining GDP numbers might nose dive into the red.
“Recession is also in the eye of the beholder,” Jackson said. “When we look at (the definition of a) recession, we ought to be thinking about consumer confidence, which is at historic lows.”