Tuesday, December 23, 2008

Bush recession got worse in third quarter of 2008

And will probaby finish out the year even worse than that.

It's the weakest quarterly growth rate since the first quarter of 2001. The economy grew 2.8% in the second quarter.

Economists now say that a recession began December 2007, based on data showing declining employment, incomes and industrial production. But it didn't really sink in until the July-September quarter.

For the current quarter, economists are predicting a sharp decline in the neighborhood of 6.0%. This would be the biggest drop since the early 1980s.
How's that invisible hand of the free market workin' out for ya?

Yeah, well, here's a couple of bootstraps. Don't say I never gave ya nuthin'.

blog comments powered by Disqus