When definitions are inconvenient, change them
The Chronicle business section picked up an LA Times story on the sorts of raises workers might expect next year.
The following line made it into the story:
The salary increases reflect a continuing push by corporations to control costs after the reversals many experienced during the 2001 recession, said Charles Peck, a compensation specialist at the Conference Board, a New York business research organization.
For many years, economists commonly defined a recession in terms of two or more consecutive quarters of declining GDP. By that standard, there was no recession in 2001.
Posted by Kevin Whited @ 11/29/05 10:02 PM | Houston Chronicle | Print | Comments (1)
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