But the 'R' word won't go away until we get the next quarterly figures to prove or disprove it. And when the R word is about, economists rummage through the rest of the alphabet. They need to forecast the shape of the downturn. Will it be a V, with the economy nipping down then shooting straight up again. A U, with a rather longer dip in the middle.
Economists speak for a downturn that just goes on and on.
Today, the odds on the V curve, with a mid-year economic bounce back are looking increasingly remote. New housing, finance and business activity figures have combined with a sliding stock market to create a bleak picture. Business reporter Zoe Daniel in Melbourne. Business confidence remains depressed. Housing finance has weakened.