U.S. third-quarter growth revised down (sharp slump in housing)

[BleedingHeartPatriot]

(bolding mine)

U.S. economy was slowed by a sharp slump in housing activity

Updated: 31 minutes ago
WASHINGTON - Economic growth slowed to a 2 percent pace in the late summer, more sluggish than previously thought, as the real-estate bust weighed on overall business activity.

The new reading on gross domestic product for the July-to-September quarter marked a slight downgrade from the 2.2 percent annual rate estimated a month ago, the Commerce Department reported Thursday.

The economy has been losing momentum all this year. The main culprit behind the third quarter’s slowdown was the deepening housing slump.

Investment in home building was slashed at a 18.7 percent rate — even more than previously estimated — and the largest cut in 15 years. That shaved 1.2 percentage points off third-quarter growth, the most in nearly 25 years.

http://www.msnbc.msn.com/id/16311421/


Merry Christmas, yeah right...MKJ

[BlueManDude]

1. I have a small business related to the housing/mortage industry

and things are really bad right now - as evidenced by the fact that I'm sitting here posting on DU at an hour when a year ago I would have been too busy to do so.

[Zenlitened]

2. Economic figures from the "Bush" administration revised DOWNWARD???

Gosh, that hardly EVER happens. :eyes:

[ellenfl]

3. let's all go shopping! eom

[Zenlitened]

4. LOL!

:patriot: Reporting for duty! Our Commander-in-Thief... er, Chief... has given us clear intructions on how to win this war! The War on Terra? The War on Chrissmuss? The War on Plunging Economic Indicators? It's all the same! A good citizen-soldier-consumer does not ask questions when our "War President" issues orders. Now let's get out there and shop shop shop!
:patriot:




(Um, can someone spot me a twenty? I seem to be a little short this month, heh heh... :crazy: )

[KoKo]

5. Just heard that Beazer Homes here in NC laid off 1/3 or it's workforce and

NC is still "hot" with building...one of last best places. Not good...:-(

[ellenfl]

7. most of the builders here are doing the same. there go those

unemployment numbers! couldn't happen to a nicer pResident. :evilgrin:

ellen fl

[NorthernSpy]

6. it's a soft landing, I tell you!

So soft you could put a baby to bed on it!


/koolaid


:eyes: