GDP “Unexpectedly” Only 2.4% Growth

I’m sure the response will be “we need more stimulus.”

Update: Ah, don’t you love the old Friday Morning Revisions?

WASHINGTON (AP) — The recession was deeper than the government previously thought.

The Commerce Department, in revisions issued Friday, estimates the economy shrank 2.6 percent last year — the steepest drop since 1946. That’s worse than the 2.4 percent decline originally estimated.

The economy’s plunge underscores why the unemployment rate surged to 10.1 percent in October, a 26-year high.

The revisions in gross domestic product, or GDP, now show zero growth in 2008. That compares with a 0.4 percent gain previously estimated.The economy also grew less in 2007 (1.9 percent) than earlier thought (2.1 percent).

And it ain’t getting any better, folks.

Comments are closed.