Recession Worse Than Prior Estimates, Revisions Show

[atsimg]http://files.abovetopsecret.com/images/member/8ad4a10b73ab.jpg[/atsimg]

The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.

The world’s largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said today in Washington.

The updated statistics also showed that Americans earned more over the last 10 years and socked away a larger share of that cash in savings. The report signals the process of repairing tattered balance sheets following the biggest drop in household wealth on record may be further along than anticipated.

www.bloomberg.com...

It's a celebration *****. Oh wait wrong thread.

Bad economic news again. I can't wait for the GDP revisions coming out today.
Are we going to see a BLACK MONDAY?



[edit on 31-7-2009 by warrenb]

Oh yes, Black Monday is coming. Eventually what's done in the dark comes to light.

There is no reason the DOW and other indexes are going up. The only change has been downward. Job losses continue in every state.

Don't tell Obama. He still thinks we are just about out of this mess.
He even thinks the stimulus BS is actually working as well as the now broke cash for clunkers program.

Why do these whizbangs insist on repeating the past. Every non partisan expert has been predicting our current state of affairs for months.

Not to mention that Unions are now throwing aside their by-law that says a members salary can not be cut below their current range once they reach it. As in : a person is making 10.00 an hour the employer can not cut them back to say 9.00 an hour.
Well guess what they have thrown that down the toilet and are allowing employers all over the USA to drastically cut the wages of members. At my husbands work the UNION that is supposed to protect them allowed the company to gouge their wages anywhere from 7.5% to 15%. That translated to his crew getting their wages cut by up to 4.00 an hour after having worked there for MANY years and getting up in the pay scale, they have been taken back down to the "starting" wage of a union member! Some of these men have worked at the company for over 15 years. Luckily for us they need my husband there BAD and they only cut his 7.5%! He has gone from getting 900+ a week (was allowed over time on the clock) to barely clearing 750. BUT they still call him several hours after he has left work, I have taken to putting his phone in my purse and answering it when they call .
I know that seems like a whole lot to many of you; but in California things cost way to much as it was and have now started to climb yet again. To make it easy to understand a crappy 3 bedroom that is very small cost 1850 a month at the LEAST to rent here. To buy a home you better be able to pay close to 600,000+ for a decent house.
It isn't getting better anyway you put it they just haven't gotten around to reporting what is now going into effect.