"Economy shrinks 6.3% in 4th quarter" by Bloomberg News | March 27, 2009
WASHINGTON - The US economy shrank at a 6.3 percent annual pace in the fourth quarter, the worst performance since 1982, in what may be the depths of the recession.
The contraction in gross domestic product was larger than the previously estimated 6.2 percent drop, the Commerce Department said yesterday....
"We're at a turning point," Michael Darda, chief economist at MKM Partners LP in Greenwich, Conn., said. "There are some glimmers of hope."
Can you take much more of this, America?
Recent reports show retail sales, residential construction, and home sales have improved, indicating last quarter's slump may give way to smaller declines in growth.
Sigh: CORPORATE MEDIA LIED WHEN THEY REPORTED NEW HOME SALES INCREASED IN FEBRUARY!
A let-up in the recession would set the stage for President Obama's stimulus plan and Federal Reserve measures to take hold in the second half of the year.
The GDP report also showed corporate profits dropped 16.5 percent in the fourth quarter from the previous three months, the biggest decline since 1953. For all of last year, profits were down 10.1 percent, the biggest annual drop since 1970.I'm not buying it.
ANOTHER LIE to DEFLECT your anger, AmeriKan!
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