It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
American gross domestic product in the final three months of 2008 declined at an annual rate of 6.2%, much weaker than the earlier estimate of a 3.8% fall and the worst performance by the world's biggest economy since early 1982.
A breakdown of the data revealed that consumer spending, exports and investment in commercial property were all even lower than originally believed, although the main reason for the downward revision to growth was that the build up of inventories by companies was far less pronounced than originally believed.
Analysts said there had been no let-up in the bad news since the turn of the year and the markets are now braced for payroll figures next Friday to show that around 750,000 jobs were lost in the US during February, with worse to come in future months.
Rob Carnell, economist at ING Financial Markets, said: "Data released so far in the first quarter of 2009 suggest that we are in for another horror story, with new record lows being set in consumer confidence, accelerating declines in the labour market [we may be nearing a million payrolls losses per month before long] and further severe contractions for business investment." Paul Ashworth of Capital Economics said he did not expect the US economy to begin expanding again until 2010 and even then the recovery was likely to be "muted".