The Current Economy?

Question

I've heard several times that there is another depression coming soon. is this true or are we in a recession? and what exavtly is a recession? im not completely sure of the meaning

Answer 1

Here are the definitions:

Recession -- Two consecutive quarters (3-month periods) where the gross domestic product (GDP) of a country has declined.

Depression -- When the unemployment rate of a country is 10% or higher.

The GDP for the period of April through June 2008 increased slightly, so we are not technically in a recession.  However, that doesn't mean the economy is good.  It's hard to say if another depression is coming.  We import more than we export, and that's not good, plus the U.S. doesn't manufacture many goods anymore (much of the manufacturing is done in Asia), and that's not good either.  On the good side, however, unemployment has recently gone down a bit.  There are so many factors affecting the economy that no one can say with any degree of accuracy that a depression is coming...