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.How's that invisible hand of the free market workin' out for ya?
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.
Yeah, well, here's a couple of bootstraps. Don't say I never gave ya nuthin'.