The GDP shrank during the first quarter of this year, but at about a percentage point less than the fourth quarter of '08. So this is not great news but it is better news.
More and more financier types are jumping on the third quarter of '09 will start seeing a turnaround bandwagon. We would welcome the news as the recession is the longest since the Great Depression.
One interesting point is that business activity in New York City expanded in May '09, and that this is the first expansion since January '08. New York City is the center...
Reuters: GDP hints recession is moderating
Gross domestic product, which measures total goods and services output within U.S. borders, contracted at a 5.7 percent annual rate in the first quarter, the U.S. Commerce Department said, less than the initial 6.1 percent estimate.
"The recession is easing. The second quarter is shaping up to be a smaller decline of about 3.0 to 3.5 percent. It should be the last of the negative quarters..."
Consumer spending, which accounts for over two-thirds of U.S. economic activity, rose 1.5 percent
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