As expected, GDP falls 0.3% in the 3rd quarter, but that's a little better than what was forecast, a 0.5% contraction.
GDP has risen 0.8% in the past year.
Economists expect the economy to contract in the final three months of this year and the first three months of 2009, with the nation's unemployment rate pegged to rise near the 8% mark. It would be the longest contraction since 1975.
What is more subtle, the focus is on consumer confidence and spending, in the headlines and analysts. Once again, not on production, which is on life-support.
Real gross domestic product -- the broadest measure of the economy's output -- probably fell at an annual rate of 0.6% in the third quarter, economists surveyed by MarketWatch
Just when you think the respite is upon us, the U.S. Chamber of Commerce says:
Today's GDP report is kind of the last hurrah for the U.S. economy, said at a press conference today. ``We've begun the process of slipping into a good old-fashioned recession -- Martin Regalia, chief economist for the U.S. Chamber of Commerce
Well, finally someone admits something we all know, we're in a recession:
We're in a recession,'' Allen Sinai, chief economist at Decision Economics Inc. in New York, said in a Bloomberg Television interview. ``It's going to widen, it's going to deepen.
six months, the economy lost 438,000 jobs. Manufacturing and construction shed 235,000 and 261,000 jobs, respectively, and in recent months, layoffs spread to finance and retail sales. If the economy is to pick up in the second half, the Friday jobs report will have to confound forecasters, who are generally pessimistic
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