March 25, 2009
By the Numbers
U.S. GDP declines as economy sputters along
The U.S. economy is contracting at a much faster pace than the government previously thought, which may reduce the chances of a recovery this year.
Real gross domestic product in the U.S. was initially predicted in January to have declined at an annual rate of 3.8 per cent in the fourth quarter of 2008 compared to the third quarter.
This figure was revised last month by the U.S. Department of Commerce to a decrease of 6.2 per cent. The revised estimates are based on more data than were available earlier. The global recession contributed to a decline in exports as well as lower retail sales and a reduced customer spending. The fourth quarter decline represents the steepest drop off since the 1982 recession.
JOC News Service
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| ALEX’S ECONOMICS BLOG |
Reed Construction Data Chief Economist Alex Carrick discusses current developments in the North American economic environment with emphasis on the construction industry.
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