Thursday, July 31, 2008

US Recession Started in Q4 2007

From Bloomberg:

The U.S. economy may have tipped into a recession in the last three months of 2007 as consumer spending slowed more than previously estimated and the housing slump worsened, revised government figures showed.
The world's largest economy contracted at a 0.2 percent annual pace in the fourth quarter of last year compared with a previously reported 0.6 percent gain, the Commerce Department said today in Washington.

Americans cut back on the use of electricity and gas as fuel bills soared. The figures also showed the housing slide that began in 2006 was worse than previously thought.

Maybe Oregon's recession will be less severe; our recession started in March.


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