(Reuters) - President Barack Obama said on Friday he was "guardedly optimistic" about the direction of the U.S. economy after GDP figures showed the economy shrank modestly in the second quarter:"Today's GDP is an important sign that the economy is headed in the right direction and that business investment, which had been plummeting in the last several months, is showing signs of stabilizing."
(Bloomberg) -- The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.
The world’s largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said today in Washington
...The updated statistics also showed that Americans earned more over the last 10 years and socked away a larger share of that cash in savings. The report signals the process of repairing tattered balance sheets following the biggest drop in household wealth on record may be further along than anticipated.
...Over the most recent period, the third quarter of 2008 underwent one of the biggest changes, going from a 0.5 percent decrease in gross domestic product to a 2.7 percent drop. The new reading better illustrates the effect the September collapse of Lehman Brothers Holdings Inc. had on the economy and credit markets.
Via Hotairpundit:
Flashback October 30, 2008 Sarasota Florida, the economy went into negative for the first time in 2008(same numbers as today), and candidate Obama fired back at Bush: "OUR FAILING GDP IS A DIRECT RESULT OF A FAILIED ECONOMIC THEORY...THAT HAVE DRIVEN OUR ECONOMY INTO A DITCH"
No comments:
Post a Comment