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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 | Continued“Dire Inflation Outlook†for the EU and Sluggish Growth Add to ECB Woes
The European Commission, the executive branch of the European Union, said yesterday (Monday) that Eurozone growth would continue to erode throughout 2008 and 2009.
But here’s the wild card: Inflation is actually expected to accelerate for the rest of this year and much of next – even in the face of declining growth – until the pricing pressures recede in the last part of 2009.
The EC said the combined growth rate for the 15 countries that use the euro would slow to 1.7% this year and 1.5% next year. This marks the second time since November – when it was projecting…
29Apr2008 | Money Morning | Comments Off | Continued
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