Recession is over

That's according to a majority of economists surveyed by the WSJ (27-11). Third quarter GDP is expected to show 2.4 percent growth, helped along by the cash for clunkers program.

A better-than-expected employment report for July, where employers cut 247,000 jobs and the jobless rate fell for the first time in 15 months, suggests the worst is over. The unemployment rate is still expected to rise to 9.9% by December, but economists forecast that the economy will shed far fewer jobs over the next 12 months than they had forecast last month.