Putting aside the technical definition of a ‘recession’ which always seems like a contradiction in terms to me (negative growth), there are other indicators that things are not normal. Without going into the obvious housing market correction, that I respectfully disagree will remain unaffected in the higher tiers, gas prices have led to a fourfold increase in the use of Metrolink in LA, and scooters are sprouting up like mushrooms. The first people to feel the pinch are usually small retailers, and a friendly “how’s business?” is often a useful barometer.
I agree that if you didn’t watch the news, you may be forgiven for thinking everything seems hunky dory, but there’s probably a case to argue that the affects of some recessions are not felt until there almost over.
