11-26-2008, 01:16 AM
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#2
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Senior Member
Join Date: Aug 2007
Location: Okolona, Ky.
Posts: 6,142
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Granny says she don't think dey been levelin' with us...
Economic Report Card Worse Than Expected
WASHINGTON, Nov. 25, 2008 - Flurry Of New Reports Paint Bleak Picture; Confidence Lagging As Economy Shrinks
Quote:
The U.S. economy took a tumble in the summer that was worse than first thought as American consumers throttled back their spending by the most in 28 years, further proof the country is almost certainly in the throes of a painful recession. The updated reading on the economy's performance, released Tuesday by the Commerce Department, showed gross domestic product shrank at a 0.5 percent annual rate in the July-September quarter.
That was weaker than the 0.3 percent rate of decline first estimated a month ago, and marked the worst showing since the economy contracted at a 1.4 percent pace in the third quarter of 2001, when the nation was suffering through its last recession. GDP measures the value of all goods and services produced within the U.S. It is considered the best barometer of the country's economic fitness.
The reports come on the heels of a Wall Street rally that drove up major indexes more than 4.5 percent Monday on news of the government's plan to bail out Citigroup Inc., a move investors hope will help quiet some of the uncertainty hounding the financial sector and the overall economy. On Tuesday, Wall Street showed some signs of stability as investors, heartened by government plans to aid consumer lending companies, selectively bought stocks after a huge two-day rally. According to preliminary calculations, the Dow Jones industrial average rose 36.08, or 0.43 percent, to 8,479.47. The index was up 164 points earlier in the session but also fell 161.
More Economic Report Card Worse Than Expected, Flurry Of New Reports Paint Bleak Picture; Confidence Lagging As Economy Shrinks - CBS News
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Jobless claims jump unexpectedly to 16-year high
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