Recession Briefing: Big Boost for GDP

What you need to know today to survive and thrive in the recession.

The U.S. economy grew at the fastest pace in more than six years during the fourth quarter of 2009, according to a government report Friday. The nation’s gross domestic product, the broadest measure of economic activity, rose at a 5.7% annual rate in the fourth quarter. (CNN/Money)

Shoppers are taking haggling to new heights in the recession. A recent study found that 66 percent of American consumers had haggled at least once in the preceding six months, with an 88 percent ka-ching rate on gadgets, clothes, furniture and steak. (Washington Post)

Ben Bernanke won the backing of the Senate for a second four-year term as chairman of the Federal Reserve by a comfortable margin Thursday. Even with that storm behind him, Mr. Bernanke faces formidable political and economic challenges. (Wall Street Journal)

The Recession Will End… When I Get My Damn Job Back!

Says who: 14.7 million unemployed Americans, some of who spend their days sending resumes, setting up networking meetings, scrutinizing expenses. Others have given up.

Why it might be false: There have been A LOT of predictions about a gradual and jobless recovery, ranging from Federal Reserve chairman Ben Bernanke to economist Nouriel Roubini. Housing indicators are rebounding well, with starts and sales climbing, and we’re seeing more consistent growth than in the past year. There’s a general consensus that the start of economic growth is projected to start in early 2010, lowly workers be damned.

Why it could be true: As recent as this Sunday, U.S. Treasury Secretary Tim Geithner noted that unemployment may peak in the second half of 2010 on ABC’s “This Week” program, and Larry Summers, director of the White House National Economic Council, also admitted that the jobless landscape will be in critical condition for a while…