Economy Grows in Q3, Recession Over? Not by Definition, Technically....

October 29 update: The Commerce Department, in its first estimate of third-quarter gross domestic product on Thursday, said the economy grew at a 3.5 percent annual rate, the fastest pace since the third quarter of 2007, after contracting 0.7 percent in the April-June period.

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The surge in consumer spending and residential investment was likely driven by government stimulus programs.

The same-old, same-old shuffle scam....

A recession is defined simply as a period when GDP falls (negative real economic growth) for at least two quarters. Some economists prefer a definition of a 1.5% rise in unemployment within 12 months.

Keep this in mind and apply it to any media or government claims that the recession is easing or over.

U.S. GDP by quarter at a glance.

Economy returns to growth after a year of declines