Friday, July 31, 2009

Hooray: Economy shrank only 1%. recession must be over!

The AP celebrates the economy shrinking only 1%.  Remember when the economy was expanding 3%, 4% and over 6% under Bush how the media also celebrated those numbers?  I don't either...
Recession eases; GDP dip smaller than expected

US economy dips at 1 percent pace in 2Q, sign recession may be finally drawing to a close

    * By Jeannine Aversa, AP Economics Writer
    * On Friday July 31, 2009, 9:23 am EDT

WASHINGTON (AP) -- The U.S. economy sank at a pace of just 1 percent in the second quarter of the year, a new government report shows. It was a better-than-expected showing that provided the strongest signal yet that the longest recession since World War II is finally winding down.

The dip in gross domestic product for the April-to-June period, reported by the Commerce Department on Friday, comes after the economy was in a free fall, tumbling at 6.4 percent pace in the first three months of this year. That was the sharpest downhill slide in nearly three decades.

The economy has now contracted for a record four straight quarters for the first time on records dating to 1947. That underscores the grim toll of the recession on consumers and companies.

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