The recession is over

Just. Stats have growth of 0.1% for the June 2009 quarter. At the beginning of the year the assumption was we would be in recession for all four quarters of 2009.

So the recession lasted five quarters – four of them in 2008 and one quarter in 2009.  Of course unemployment will not turn about for some time, as firms that have been losing money and laying off staff will want many months of growth before they are confident to expand.

And the US may still implode, and drag other countries down again.

The deficit in the Crown accounts will still be with us for some time, but with an early exit from the recession it is possible the Half Year Fiscal Update in December will be less doom and gloom than in the budget.