Is NSW really in recession?

The newspapers would have us believe that NSW is in recession. But is it really? The consensus of most of our small to medium sized clients is that business is unchanged, but they are tightening their purse strings just in case. Everyone seems to be looking at cutting costs just in case.

Whilst I did see a change in the last quarter of 2008, I am not sure whether many of the small to medium businesses that we work with are actually putting off staff but they are reducing costs.

That makes sense to me.