Economy slows to near crawl in fourth quarter

[RamboLiberal]

Source: MSNBC/AP

The economy skidded to a near halt in the final quarter of last year, clobbered by dual slumps in housing and credit that caused people and businesses to spend and invest more sparingly.

The Commerce Department reported Thursday that the gross domestic product increased at a scant 0.6 percent pace in the October-to-December quarter. The reading — unchanged from an initial estimate a month ago — underscored just how much momentum the economy has lost. In the prior quarter, the economy clocked in at a brisk 4.9 percent pace.

Gross domestic product measures the value of all goods and services produced in the United States and is the best barometer of the country’s economic health.

Economists had thought the newly released fourth-quarter GDP would have been bumped up to a 0.8 percent growth rate.



Read more: http://www.msnbc.msn.com/id/23387861/

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But don't worry - Chimpy assures us there's no recession!

[kineneb]

1. nose. on face. see? nope.

:banghead:

Duh!

[pattmarty]

2. By golly that ain't what our prezadent says.

[ShockediSay]

3. Dollar drops 50%? Whaddaya expect

with an administration that has doubled our national debt?

Cheney said Reagan proved deficits don't matter

The chickens are coming home to roost and not even
Cheney and all the buckshot in the world are going to
hold them off