More bad news on the economy
January 30, 2009 Leave a comment
GDP sees Biggest Drop in 27 years. (ABC)
Economy:Sharpest Decline in 26 years (CNN)
Recession Seems to be picking up steam (MSNBC)
Economy Logs Worst Showing in 25 years (CBS)
It was all over the news this morning and although they differ on the number of years, the message is still the same – our economy is suffering.
The Commerce Department’s Bureau of Economic Analysis released their 2008 Fourth Quarter Report on the Gross Domestic Product (or GDP), indicating that “Real gross domestic product — the output of goods and services produced by labor and property located in the United States — decreased at an annual rate of 3.8 percent in the fourth quarter of 2008”. Although this decline was less than the 5.4% decline expected by economists, it is still the worst quarterly showing since 1982.
Click on the Documents in the News tab to view the report.