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LBJ professor says economic prosperity could take years

It’s about to become official: The recession is over — but not the pain. James K. Galbraith, an economist at The University of Texas at Austin, suggests too much attention is given to when recessions technically begin and not enough to other measures of the economy. “It’s just a word. A recession technically lasts during negative quarters. But that doesn’t mean you’re back to prosperity once you have positive growth. You’re back to prosperity when the unemployment rate is back around 4 percent,” Galbraith said. And that, he said, could take years.

http://www.businessweek.com/ap/financialnews/D9BJ9SIO5.htm

Government May Say Recession Over But Not Job Losses

BusinessWeek

Oct. 27

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  David said on Feb. 23, 2011 at 3:26 p.m.
  I agree, we definitely have a couple more years before a complete turn around
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  Gary said on March 27, 2011 at 6:14 a.m.
  In my country the unemployment rate is 40% and we still survive :)
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  Tony Rehor said on March 27, 2011 at 9:32 a.m.
  I see this was published some time ago but still I felt the need to comment. I make a living selling to the average consumer and I have seen a raise in not buying but window shopping if you will more now than anytime in the past 2 years and the small things like more email with questions on things like quality but not about cost. That to me means money is not some much the issue anymore but the quality of the merchandise matters more. So yes the economy is on the rebound you just have to look elsewhere to see the signs. More on this subject here
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  earn money said on May 2, 2011 at 1:49 a.m.
  yes,improve the economy should take time.We'll see...

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