2007-12-07 09:16:23 · 6 answers · asked by Anonymous in Social Science ➔ Economics
Absolutely not. A depression is a deep recession, and we haven't even reached a recession position yet. We would have to have at least two consecutive quarters (6 mos. ) of economics slow down to claim a recession. Unemployment is only 4.7% (thus full employment) and GDP is growing at a rate above 3%. GDP will slow down for a soft landing but not a deep or prolonged recession. The White House and the Fed are taking steps to minimize the shock of this sub prime mortage debacle.
2007-12-07 10:16:54 · answer #1 · answered by econgal 5 · 0⤊ 0⤋
No. A depression happens when there are six consecutive quarters of economic recession. So, there has to be a slowing down of the economy that lasts for at least a year and a half.
2007-12-07 11:58:05 · answer #2 · answered by vrkbarracuda 2 · 0⤊ 0⤋
Actually the U.S. is indeed in a boom, and is certainly growing faster than Canada, partly because Canadians are coming across the border to buy everything. The last quarter clocked in at 4.9% GDP growth, which is unusually strong. Many people think there is a slowdown occurring right now, yet to be reported -- but at this stage that is just opinion, and they were saying precisely the same thing all throughout last quarter.
A depression is a combination of recession and deflation, and neither of those things are occurring now in the U.S.
2007-12-07 09:28:53 · answer #3 · answered by KevinStud99 6 · 1⤊ 0⤋
depends on what economy, but the general rule is to have mutiple quarters of negative GDP growth in a row
2007-12-07 11:01:52 · answer #4 · answered by alydar 2 · 0⤊ 0⤋
Whose economy?
The US is undergoing a mini-recession at the moment.
Canada is undergoing a boom right now.
Other countries may have different economic situations.
2007-12-07 09:19:02 · answer #5 · answered by PhotoJim 4 · 0⤊ 1⤋
no it's booming and easy to get a job.
2007-12-07 09:18:54 · answer #6 · answered by Sufi 7 · 0⤊ 1⤋