January 29, 2010

WHAT RECESSION:

U.S. economy grows faster than expected in fourth quarter: A recovery in manufacturing and gains in consumer spending help expand the nation's gross domestic product at a robust 5.7% annual rate. (Don Lee, January 29, 2010, LA Times)

The nation's gross domestic product -- or total goods and services produced in the U.S. -- expanded at a robust 5.7 % annual rate in the fourth quarter. That's more than double the 2.2% growth in the third quarter and a dramatic turnaround from the first three months of 2009, when the economy shrank by 6.4%. [...]

For all of 2009, the nation's total output of goods and services, after adjusting for inflation, contracted 2.4% from the previous year. The Commerce Department's report today is an "advance estimate" of the fourth-quarter GDP and will be revised two more times as statisticians collect more information.


So even the first recession since the early '80s is going to turn out to be so brief as to barely warrant the technical term.

Posted by Orrin Judd at January 29, 2010 11:15 AM
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