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Apr 29 2009

American Economy Falls MORE Than Expected – GDP Falls Sharply

Posted by Flap in Barack Obama, economics
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chartgdp042909303 American Economy Falls MORE Than Expected GDP Falls Sharply

The United States economy shrank at an annual rate of 6.1 per cent in the first quater of 2009.
The U.S. economy shrank at an annual pace of 6.1% in the first quarter — almost as much as it did in the fourth quarter of 2008, according to a government report Wednesday.

The drop was much worse than expected. According to economists surveyed by Briefing.com, expectations were for a drop of 4.7% in gross domestic product, the broadest measure of the nation’s economic activity.

The first quarter decline was the second biggest drop recorded in 26 years, behind only the fourth quarter reading. GDP fell 6.3% in the last three months of last year.

The analyses of the economy are all over the place. But, after massive amounts of government spending and debt by the Obama Administration, there appears to be little improvement.

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This entry was posted on Wednesday, April 29th, 2009 at 11:24 am and is filed under Barack Obama, economics. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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