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WASHINGTON – The government says the economy shrank in the third quarter as consumers cut back on their spending by the biggest amount in 28 years. It was the strongest signal yet the country has hurtled into recession.
he broadest barometer of the nation's economic health, gross domestic product, shrank at a 0.3 percent annual rate in the July-September quarter, the Commerce Department said.
It marked the worst showing since the economy contracted at a 1.4 percent pace in the third quarter of 2001, when the nation was suffering through its last recession.
Originally posted by GoalPoster
Funny thing, the only ones deluding themselves over the past month or so with respect to whether or not we're in a recession are those who put us in this precarious position to begin with . . .Go figure.
NEW YORK – Wall Street was feeling more upbeat Thursday after a government report showed the economy contracted in the third quarter by less than expected and after the Federal Reserve's second interest rate cut in a month. The major stock indexes jumped more than 2.5 percent, including the Dow Jones industrials, which rose 225 points.