Economist Paul Krugman:
“We’ve got a problem with terminology because we usually say either the economy is in recession or the economy is recovering. Either you’re in hell, or you’re in heaven. And the trouble is we’re actually in purgatory. We’re actually in a situation almost for sure GDP is growing; almost for sure the business cycle leading committee will eventually decide that the recession ended this summer. But almost surely also we’re still losing jobs. The unemployment rate is going to continue to rise. So we’re in that infamous jobless recovery state.”
My thoughts: Double digit unemployment by 2010
Purgatory economy
Hmm…Sounds like great time to buy a Boston Condo.
