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US GDP contracts for the first time since end of recession

 
Tess2012

User ID: 33323668
Ireland
01/30/2013 11:33 AM

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US GDP contracts for the first time since end of recession
The world's largest economy contracted at 0.1pc annual pace in the final three months of the year, sharply reversing the 3.1pc growth recorded in the third quarter.

The steepest drop in defence spending since the early 1970s, uncertainty over the fiscal cliff and the hurricane that swept up the east coast in November combined to hit growth.

Although economists were shocked by the contraction, there was encouragement taken from the resilience of US consumer spending. Household consumption grew at a 2.2pc rate in the fourth quarter, up from 1.6pc in the third. Investors' attention will now turn to the latest monthly jobs report which is due on Friday. "It will be important for Friday's employment number to settle people's nerves that this reflect the fiscal cliff concerns rather than a genuine stalling of the US economy," said David Semmens, an economist at Standard Chartered.

Even so, the first reverse for the US economy since it emerged from recession in 2009 underlines the challenges facing the recovery this year.

[link to www.telegraph.co.uk]
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Useless Cookie Eater

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01/30/2013 11:35 AM

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Re: US GDP contracts for the first time since end of recession
US GDP contracts for the first time since end of recession
 Quoting: Tess2012



END of the recession???? norespect cruise



facistprop deception
Fred
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01/30/2013 11:39 AM
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Re: US GDP contracts for the first time since end of recession
This was before the tax increase for the middle class. Talk about bipartisan. Not a single politician left or right argued against raising taxes on those of us who work for a living. They all fought over taxes on the rich.

Not only did we lose money in every pay check. It turns out we where already heading into recession, what did the idiots in DC do? They decided it was a great time to take more money out of the pockets of working people.

Consumer confidence has plunged in Jan already. Only things going up are stock prices and Real Estate.

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