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United States Economy Shrinks 3.8% in 4Q, More Pain Ahead
The U.S. economy shrank 3.8% – less than forecast – but still the biggest gross domestic product (GDP) slide since 1982.
For 2008, GDP rose 1.3%, the slowest pace since 2001’s 0.8% growth.
Most of the grim indicators of the third quarter – during which the economy shrank by 0.5% — deepened in the fourth. The largest contributors to the downturn were a continued fall in exports and a much larger decrease in equipment and software.
The most notable offset was a much larger decrease in imports, which increased inventories. Without such, GDP would have fallen a frightening 5.1%.
Overall…
30Jan2009 | Money Morning | 0 comments | ContinuedChina Plays Hardball with Iron Ore Producers, Seeking 82% Reduction in Price
China may soon ask the world”s top iron ore producers to reduce the prices they charge for the key steel component by as much as 82%.
Just months ago, BHP Billiton Ltd. (ADR: BHP), Rio Tinto PLC (ADR: RTP) and Brazil”s Vale (ADR: RIO) negotiated an 86% price increase in the benchmark price of iron ore as demand for steel boomed.
“Iron ore prices should keep pace with steel prices which have fallen to the 1994 level,” Shan Shanghua, secretary in general of the China Iron and Steel Association, told Bloomberg in a phone interview. “We are asking for a big drop…
9Dec2008 | Money Morning | 0 comments | Continued
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