Lakshman Achuthan of the Economic Cycle Research Institute is standing by his previous call about the U.S. having entered recession in the middle of 2012. Achuthan tells Bloomberg Surveillance that, while home prices have increased, “that does not mean you don’t have a recession.” He also says rising housing prices do “not mean an upturn in construction activity.” He says recessions are defined using four areas: production, employment, income, and sales. Both production and income peaked in July, he says.