January 31, 2009 |
It's official: This recession is the worst the United States has experienced in more than 25 years, the government said Friday. And it appears likely to get worse before it gets better. At the White House, where the new administration is working on a broad strategy to combat the crisis, President Obama described the downturn as "a continuing disaster for America's working families."
November 26, 2008 |
The economy took a tumble in the summer that was worse than first thought as American consumers throttled back their spending by the most in 28 years, further proof that the country is almost certainly in the throes of a painful recession. The updated reading on the economy's performance, released Tuesday by the Commerce Department, showed gross domestic product shrank at a 0.5% annual rate in the July-September quarter. That was weaker than the 0.
October 31, 2008 |
The nation's economy has shifted into reverse amid a staggering drop in consumer spending, the government reported. But that's hardly news to furniture-store owner Chris Horn of Monterey Park. Horn's store saw business plummet 40% last month, when the financial crisis escalated and stocks plunged. "Business was pretty steady up until then, but then it dropped off drastically," said Horn, 58, the third-generation owner of Divine's Furniture, which specializes in vintage pieces.
September 27, 2008 |
American consumers lost confidence in September as they saw the credit crisis deepen, a sign they will curtail spending, according to a survey released Friday. Meanwhile, a government report showed consumer spending was lower than initially estimated in the second quarter, slowing economic growth. The Reuters/University of Michigan final index of household sentiment declined to 70.3, lower than forecast, after a reading of 73.1 in early September.
September 13, 2008 |
Japan's economy shrank 3% last quarter, the biggest contraction since 2001, as companies and households cut spending and exports fell. Gross domestic product for the three months that ended June 30 shrank more than the annualized 2.4% initially estimated, government officials said. Economists expect the contraction to continue into next year as the U.S. slowdown spreads to Asia, where Japan ships half its exports.
August 22, 2008 |
Mexico's gross domestic product grew by 2.8% in the second quarter compared to the same period last year, boosted by a bustling service industry and a rebounding farm sector, according to government data released Thursday. That was an improvement over the 2.6% economic growth rate posted in the first three months of the year. Still, it was lower than the 3.1% pace many analysts had expected. A decelerating manufacturing sector suggests that Mexico is starting to feel the effects of the slowdown in the United States, its biggest export market.
March 13, 2008 |
A recession has already started and the downturn is likely to last longer than in the recent past, with the economy recovering only late next year, according to a quarterly survey of corporate chief financial officers released Wednesday. Fifty-four percent of the CFOs said the United States was in recession, and another 24% said there was a high likelihood of one starting later this year, according to a Duke University/CFO magazine survey completed last week. About three-quarters of the CFOs said they were more pessimistic this quarter than in the prior quarter about the economy, reflecting concerns about consumer spending, turmoil in credit and housing markets, and high energy prices.
February 20, 2008 |
Economic growth in Mexico accelerated faster than expected at the end of last year as a jump in the service sector helped the country shrug off a slowdown in the United States, its main trading partner. The Mexican economy grew at a 3.8% rate in the fourth quarter, the government said Tuesday. Economists see Mexico weathering a possible recession this year in the U.S., as expanding credit allows consumers to spend more.
February 1, 2008 |
Buffeted by soaring fuel prices and tighter credit, Americans increased their spending at the weakest pace in six months. In other signs of trouble, applications for jobless benefits last week soared to their highest number since Hurricane Katrina. The Commerce Department reported Thursday that consumer spending edged up just 0.2% in December -- the year's peak shopping season. That was down from a 1% gain in November. It was the weakest performance since a similar 0.
December 7, 2007 |
Japan's economy grew 0.4% in the three-month period that ended September from the previous quarter, the government said, revising an initial estimate of a 0.6% expansion. The figure for gross domestic product for the third quarter in real, price-adjusted terms compared with economists' consensus forecast for 0.7% growth. It translated into an annualized expansion of 1.5%, compared with a preliminary reading of 2.6% growth and economists' median forecast for a revision to a 2.7% expansion.