David Kirkpatrick

January 30, 2009

GDP drops hard

Filed under: Business — Tags: , , , — David Kirkpatrick @ 12:53 pm

Drops hard as in biggest economic shrinkage in 27 years. This dates back to Reagan’s first term.

From the link:

The Commerce Department on Friday said gross domestic product, which measures total goods and services output within U.S. borders, plummeted at a 3.8 percent annual rate, the lowest pace since the first quarter of 1982, when output contracted 6.4 percent. GDP fell 0.5 percent in the third quarter. These were the first consecutive declines in GDP since the fourth quarter of 1990 and the first three months of 1991.

Analysts polled by Reuters had forecast GDP contracting 5.4 percent in the fourth quarter. The U.S. economy slipped into recession in December 2007, driven by the collapse of the housing market and resulting global credit crisis.

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