Business
See other Business Articles
Title: Revisions Show 2007-2009 Recession Deeper Than Thought
Source:
Associated Press
URL Source: http://www.telegram.com/article/201 ... 9/NEWS/110729607/1002/business
Published: Jul 29, 2011
Author: Associated Press
Post Date: 2011-07-29 11:12:15 by Brian S
Keywords: None
Views: 40774
Comments: 67
(07-29) 05:36 PDT WASHINGTON, (AP) -- The 2007-2009 recession, already in the record books as the worst in the 66 years since the end of World War II, was even worse than previously thought. From the start of the recession at the end of 2007 to the end in June of 2009, the U.S. economy shrank 5.1 percent. That is 1 percentage point worse than the previous estimate that the recession reduced total output during that period by 4.1 percent. The new estimates emerged from the annual revision of economic data prepared by the Commerce Department's Bureau of Economic Analysis and released Friday. Among the previous 10 postwar recessions, output in only two dropped by more 3 percent. In the 1957-58 recession, the economy contracted 3.7 percent. And during the 1973-1975 downturn, the economy fell 3.2 percent from the start of the recession to the end. The government attributed the bigger declines in output in part to weaker consumer spending and business investment than previously estimated. By year, the government's new figures show that the economy took a much bigger hit in 2009, when output shrank 3.5 percent. The previous estimate had shown a decline of 2.5 percent that year. In 2008, the new estimate shows the economy contracted by 0.3 percent. The previous estimate had indicated that output was unchanged for that year compared with 2007. The last recession began in December 2007 and lasted until June 2009. Though the economy has been growing since then, growth has been subpar. And the unemployment rate has remained elevated; it's now 9.2 percent. The revisions showed that growth in 2010 was a bit stronger than previously estimated. They put growth for all of 2010 at 3 percent, up from a previous estimate that the economy grew 2.9 percent last year. The revisions to the country's gross domestic product, the total output of goods and services, used more complete data for such items as consumer and business spending. The government's annual revisions are released each July, along with its first estimate of growth for the April-June quarter of the current year.
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
Begin Trace Mode for Comment # 19.
#5. To: Brian S (#0)
LMAO! You can't resist pushing the propaganda (marked in red, below), eh, Baghdad Bri-Bri? Here's a dose of reality (in blue).
Please explain how "SGS" came up with its "alternative". Thanks...
It's HERE. Knock yourself out.
I asked YOU to do so/. Not a link. YOU explain why we should take that graph "seriouslY"...
Request denied. I have explained. You've demonstrated you're not interested in learning, so there's no point in explaining this further. If you were truly interested, you'd find out for yourself. But you're not. And you won't. End of discussion.
#21. To: Capitalist Eric (#19)
Duh.. have explained. You've demonstrated you're not interested in learning, so there's no point in explaining this further. Oh get the fuck over yourself, Erica. You haven't explained dick...for the last 10 goddam years you've been proclaiming on any website that will have you that the end of the economic world is just around the corner - just like any other random, ranting lunatic with a hallucinated calamity that is actually deep rooted in whatever psychosis grips you at the moment... If you were truly interested, you'd find out for yourself. But you're not. And you won't... ...so now I'm taking my ball...and my bat...and my glove...and my shiney handkerchief that Mumsy gave me for my berfday and un' goin' home!!! /drooling tool
Top • Page Up • Full Thread • Page Down • Bottom/LatestThe revisions showed that growth in 2010 was a bit stronger than previously estimated. They put growth for all of 2010 at 3 percent, up from a previous estimate that the economy grew 2.9 percent last year.
#6. To: Capitalist Eric (#5)
#7. To: war (#6)
Please explain how "SGS" came up with its "alternative".
#8. To: Capitalist Eric (#7)
#19. To: war (#8)
I asked YOU to do so/.
YOU explain why we should take that graph "seriouslY"...
Replies to Comment # 19. Request denied.
End Trace Mode for Comment # 19.
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]