There's still Hope

The economy grew at a higher than expected rate as Americans said no to imports and exports climbed to a record. Story here.

The Gross Domestic Product, or GDP, grew at a rate of 0.9% which is above the 0.6% estimate of the Commerce Department.

“The new GDP statistics did not meet what analysts consider one definition of a recession – two straight quarters of a shrinking GDP. But that didn't happen in the last recession (in 2001), either.”

Then why was it called a recession?

Anyway, not everyone is giving up on this. Between falling home prices and rising fuel prices there are still quite a few people that see a silver lining as reflected in Harvard economist, Jeffrey Frankel’s assessment, “I wouldn’t rule out going into a recession” later in the year.