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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: DebtBomb who wrote (9451)11/30/2001 1:55:46 PM
From: LTK007  Read Replies (2) of 99280
 
Dale your views this market is getting propped is now becoming more likely in my mind;that this market continues to hold it's ground in the face of massive negative data inflow is becoming bizarre---<<Economy Contracted Sharply in Third Quarter

Nov 30 1:00pm ET

By Glenn Somerville

WASHINGTON (Reuters) - The U.S. economy slumped much more sharply during the third quarter than first thought, the government said on Friday in a report that prompted fresh White House demands for stimulus measures to help pull out of recession.

The Commerce Department said gross domestic product (GDP), the broadest measure of total economic activity within U.S. borders, contracted at a revised 1.1 percent annual rate in the three months from July through September for its sharpest fall in more than a decade.

That was triple the 0.4 percent rate of decline estimated a month ago and was the poorest quarterly economic performance since a 2 percent contraction in the first three months of 1991, when the economy was last in recession.

Business profits -- vital for fueling investment that helped power the record expansion after the 1990-91 recession -- completed a full year of decline by shrinking once more during the third quarter.

President Bush quickly renewed a call for Congress to approve economic stimulus measures. These have become embroiled in partisan differences about whether more tax cuts or increased spending would produce the quickest and most useful benefits.>> end quote
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