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Politics : The Obama - Clinton Disaster
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To: Hope Praytochange who wrote (16498)7/31/2009 2:12:31 PM
From: DuckTapeSunroof  Read Replies (1) of 103300
 
Re: "The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed."

That is exactly correct, floppy.

And, as your Bloomberg article takes pains to point out: the recession started in December 2007, and so that is the period that they are referring to, saying the "economy shrink more than twice as much as previously estimated" during that period.

The deeper deterioration last year underscores why Federal Reserve Chairman Ben S. Bernanke and his colleagues at the central bank cut the benchmark rate to a record low and extended credit to non-banks for the first time since the 1930s.

The new GDP data also help explain why the unemployment rate shot up 2.3 percentage points last year, the biggest annual jump since 1982.

The world’s largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said today in Washington.

... the third quarter of 2008 underwent one of the biggest changes, going from a 0.5 percent decrease in gross domestic product to a 2.7 percent drop. The new reading better illustrates the effect the September collapse of Lehman Brothers Holdings Inc. had on the economy and credit markets.
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