Washington:  Nationwide, the recession is over-at least in the view of most economists in light of third quarter 2009 indicators, according to a recent report from the MetroMonitor of the Brookings Institution . It revealed a real U.S. gross domestic product (GDP) increasing at a 2.8 percent annual rate, after four consecutive quarters of contraction. Most economists interpreted that rate of output growth, along with other signals such as increasing housing prices, as indication that the economic recovery is underway.

Yet the recovery seems fragile. The output increase may have resulted largely from the replenishment of manufacturing inventories and from temporary federal policies: the "cash-for-clunkers" program (already over), the first-time homebuyer tax credit (now extended through April 2010), and the American Recovery and Reinvestment Act's economic stimulus. As the effects of these policies recede, the recovery could slow or give way to yet another recession or a prolonged period of economic stagnation.  To see the entire report, click here.