Nearing the end of a 'once-in-a-generation' recession

Dollar bill notes pass through a printing press at the Bureau of Engraving and Printing in Washington, D.C.

STEVE CHIOTAKIS: The Commerce Department reported just moments ago, growth in the first quarter of the year was only slightly higher than initially thought. The GDP was revised from 1.8 to 1.9 percent.

Jill Schlesinger is editor-at-large at CBS/MoneyWatch and she's with us live from New York, as she is every Friday. Good morning Jill.

JILL SCHLESINGER: Good morning.

CHIOTAKIS: We continue to get these tepid numbers at best and there's going to be disappointment obviously in this recovery. Everyone seems to be pointing to Japan and the earthquake there or some other short-term factor. What's going on here?

SCHLESINGER: You know, this has been a slow growth recovery from the start. And it has surely slowed down here in the first half of the year, just this morning, great example, mezza mezza growth -- durable goods orders those are orders for big ticket items meant to last more than three years. Positive, but manufacturing is growing at a slower pace.

CHIOTAKIS: All that aside, I mean why do we feel like things just aren't moving, Jill?

SCHLESINGER: Well, because things aren't moving in big areas. Housing is still mired, unemployment at 9 percent, paying more at the pumps, you know. It's better than it was, but it's still intense.

CHIOTAKIS: All right, Jill Schlesinger. You're bumming me out. I mean, tell me some good news.

SCHLESINGER: All right, it's a once-in-a-generation recession. Don't forget that. And you know, facts are that we're probably through this, and maybe you've hit your quota for your generation.

CHIOTAKIS: Let's hope so, anyway. We'll keep our fingers crossed. Jill Schlesinger from CBS/MoneyWatch. Thanks.

SCHLESINGER: Take care.

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