Data Shows Deeper US Recession, Sharper Slowdown

[OhioChick]

Published: Friday, 29 Jul 2011 | 10:20 AM ET

The "Great Recession" was even greater than previously thought, and the U.S. economy has skated uncomfortably close to a new one this year.

New data on Friday showed the 2007-2009 U.S. recession was much more severe than prior measures had found, with economic output declining a cumulative of 5.1 percent instead of 4.1 percent.

The report also showed the current slowdown began earlier and has been deeper than previously thought, with growth in the first quarter advancing at only a 0.4 percent annual pace.

The data indicated the economy began slowing in the fourth quarter of last year before high gasoline prices and supply chain disruptions from Japan's earthquake had hit, suggesting the weakness is more fundamental and less temporary than economists had believed.

More: http://www.cnbc.com/id/43943125

[Autumn]

1. Those cuts our leaders want to make?

I am sure that they will not help this situation one bit.

[Bill USA]

6. that's the real reason for the deficit battle. GOPers want to continue the "kill the recovery"

offensive by either causing a default, which would blow the ground right from under us (like stepping on an IED) or by cutting Government contributions to demand through various programs by forcing a 40% cut (Bohner's plan) in Government progams. Either way, you kill the economy ...and, of course, IT'S OBAMA'S FAULT!

[xchrom]

2. Recommend

[Igel]

3. It's probably not as bad as it'll have become.

Amazingly, every time the patient stubbornly backslides it turns out it's not the heroic measures taken that failed but that the severity of what the illness is newly discovered to have always been greater than suspected. The worst that can be said is that the heroic doctor was prevented from employing the full arsenal of his heroic measures, even though what was done was, by nearly every measure, record setting and ground-breaking.

If this goes on for another year, I can't imagine how bad we'll find it always had been.

[pscot]

4. Austerity! Yeah, that'll fix it

All we need are more layoffs.

[Fuddnik]

5. Don't forget tax cuts!

The first rule of economics is, "When you don't have enough money, get less".

[LongTomH]

7. And is anyone surprised?

Not me!:eyes: