The U.S. economy suffered its deepest contraction since early 1982 in the fourth quarter, shrinking at a much worse-than-expected 6.2 percent annual rate as exports plunged and consumers slashed spending.| Submit your comments on this article |
| Home Front Economy |
| U.S. fourth-quarter GDP drop biggest since 1982 |
| 2009-02-28 |
| The U.S. economy suffered its deepest contraction since early 1982 in the fourth quarter, shrinking at a much worse-than-expected 6.2 percent annual rate as exports plunged and consumers slashed spending. |
| Posted by:Fred |
| #5 I think summer is too soon for revory. Third quarter. Maybe. |
| Posted by: Mike N. 2009-02-28 18:11 |
| #4 Darth, I hope you are right. Problem is the mass of government growth will likely stifle any recovery, and the jump in taxes will kill off business and job creation, and the good old Laffer curve will rear its head as taxes increase, tax intakes will drop, meaning a bigger deficeit. And that spells stag-inflation and high unemployment like it did under Jimmy Carter. |
| Posted by: OldSpook 2009-02-28 16:55 |
| #3 I expect the economy to hit bottom around July-September. Then a long and slow recovery finishing around 2011-12. |
| Posted by: DarthVader 2009-02-28 10:46 |
| #2 Is it too early to blame Gary Locke? Why can't these people at Commerce get with the program! |
| Posted by: Besoeker 2009-02-28 07:40 |
| #1 It's like the people (without capital P) weren't trusting the One---don't they understand that his economic advisors have the best education that money can buy? |
| Posted by: g(r)omgoru 2009-02-28 07:17 |