..but concedes that he defines a recession differently from the NBER, saying it ends when real per capita gross domestic product returns to its pre-downturn level.
Not a bad measure, Hoop, as it would better reflect how the average joe felt about the economy - typical of Buffet. Using that measure, however, would mean we're probably in a recession about a 3rd to a half of the time.
Belg / Hoop
On Buffett's measure NZ has been in a recession since Sept 2008 and we need to see a 2.3% increase to get back to those levels
Even since our recession officially / tecnically ended last June on the real GDP per capita measure the economy has gone nowhere
Amazing what quarterly seasonally adjsuted numbers can create an impression of great improvement eh when essentially the country is still stuffed .... but maybe not so stuffed as the USA
What are these people smoking???
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Originally Posted by belgarion
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