One heck of a recession we’ve got here, huh? In fact, consumer spending and personal income are also up.

Gross Domestic Product or GDP grew at a 1.9 percent annual rate, up from a revised 0.9 percent rate in the first quarter that previously was reported as 1 percent…

That followed a 0.2 percent contraction in GDP during the final quarter of 2007 and avoided pushing the economy into back-to-back declines that would have met a popular definition of recession. Businesses reduced inventories at the sharpest rate since the end of 2001 in a sign they anticipate restrained growth ahead.

Consumer spending that fuels two-thirds of U.S. economic activity grew at a 1.5 percent annual rate in the second quarter, up from 0.9 percent in the first quarter and 1 percent in the fourth quarter last year.

Recession! Via HAH.