Berkeley CSUA MOTD:Entry 49292
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2025/05/27 [General] UID:1000 Activity:popular
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2008/2/28-3/4 [Uncategorized] UID:49292 Activity:nil
2/28    Alright guys, this is the last sign of GLOBAL RECESSION starting
        with the US. Recession Swami over and out.
        http://www.msnbc.msn.com/id/23387861
        \_ interesting to see them talking about stagflation, with inflation
           driven by rising oil costs in spite of a halted economy. Fed rate
           cuts wont help there.  It'll be the late 70's all over again.
           obligatory PEAK OIL reference...
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www.msnbc.msn.com/id/23387861
MSNBC TV Economy slows to near crawl in fourth quarter Housing slump seen making consumers, businesses more cautious Economy Ric Francis / AP Sheila Jackson, left, waits for a salesperson to assist her with a flatscreen television as Tim Petrie browses at Best Buy Wednesday in Los Angeles. The Commerce Department reported Thursday that the gross domestic product increased at a scant 06 percent pace in the October-to-December quarter. WASHINGTON - The economy skidded to a near halt in the final quarter of last year, clobbered by dual slumps in housing and credit that caused people and businesses to spend and invest more sparingly. The Commerce Department reported Thursday that the gross domestic product increased at a scant 06 percent pace in the October-to-December quarter. The reading -- unchanged from an initial estimate a month ago -- underscored just how much momentum the economy has lost. In the prior quarter, the economy clocked in at a brisk 49 percent pace. Gross domestic product measures the value of all goods and services produced in the United States and is the best barometer of the country's economic health. Economists had thought the newly released fourth-quarter GDP would have been bumped up to a 08 percent growth rate. The housing picture looked even more bleak in the new report. And, even though economic growth slowed, inflation picked up -- an ominous mix that could spell further trouble for the economy. As if the newly confirmed fourth-quarter GDP figure of 06 percent wasn't chilling enough, the Labor Department reported Thursday that new applications for unemployment insurance benefits rose by 19,000 to 373,000 last week, more evidence that the general economic sluggishness is spilling over into the job market. Fears have grown that the country is heading for a recession or is already in one. The National Association for Business Economics expects economic growth in the current January-to-March quarter to slow to a meager 04 percent pace. Some analysts believe the economy's performance could be even worse and actually shrink during this period. Under one rough rule, the economy would have to contract for six months in a row for the country to be viewed as in a recession.