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Title: Revisions Show 2007-2009 Recession Deeper Than Thought
Source:
Associated Press
URL Source: http://www.telegram.com/article/201 ... 9/NEWS/110729607/1002/business
Published: Jul 29, 2011
Author: Associated Press
Post Date: 2011-07-29 11:12:15 by Brian S
Keywords: None
Views: 36045
Comments: 67
(07-29) 05:36 PDT WASHINGTON, (AP) -- The 2007-2009 recession, already in the record books as the worst in the 66 years since the end of World War II, was even worse than previously thought. From the start of the recession at the end of 2007 to the end in June of 2009, the U.S. economy shrank 5.1 percent. That is 1 percentage point worse than the previous estimate that the recession reduced total output during that period by 4.1 percent. The new estimates emerged from the annual revision of economic data prepared by the Commerce Department's Bureau of Economic Analysis and released Friday. Among the previous 10 postwar recessions, output in only two dropped by more 3 percent. In the 1957-58 recession, the economy contracted 3.7 percent. And during the 1973-1975 downturn, the economy fell 3.2 percent from the start of the recession to the end. The government attributed the bigger declines in output in part to weaker consumer spending and business investment than previously estimated. By year, the government's new figures show that the economy took a much bigger hit in 2009, when output shrank 3.5 percent. The previous estimate had shown a decline of 2.5 percent that year. In 2008, the new estimate shows the economy contracted by 0.3 percent. The previous estimate had indicated that output was unchanged for that year compared with 2007. The last recession began in December 2007 and lasted until June 2009. Though the economy has been growing since then, growth has been subpar. And the unemployment rate has remained elevated; it's now 9.2 percent. The revisions showed that growth in 2010 was a bit stronger than previously estimated. They put growth for all of 2010 at 3 percent, up from a previous estimate that the economy grew 2.9 percent last year. The revisions to the country's gross domestic product, the total output of goods and services, used more complete data for such items as consumer and business spending. The government's annual revisions are released each July, along with its first estimate of growth for the April-June quarter of the current year.
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#5. To: Brian S (#0)
LMAO! You can't resist pushing the propaganda (marked in red, below), eh, Baghdad Bri-Bri? Here's a dose of reality (in blue).
Please explain how "SGS" came up with its "alternative". Thanks...
It's HERE. Knock yourself out.
#8. To: Capitalist Eric (#7)
I asked YOU to do so/. Not a link. YOU explain why we should take that graph "seriouslY"...
Your boy can't even do basic math: Year 1950 1984 2004 Change 2004/1992 GNP (Billions of Current Dollars) That's actually a change of .06% He further rests his premise on the excise of external interest payments that the US makes in measuring GDP versus GNP. That was because the interest paid on the national debt was distorting GNP UPWARD - as his own chart above shows - and thus giving an inaccurately high reading on output. Yet, oddly, he makes the opposite claim that removing those payments were, in fact, to make GDP look MORE POSITIVE than GNP. Your turn.
Top • Page Up • Full Thread • Page Down • Bottom/LatestThe revisions showed that growth in 2010 was a bit stronger than previously estimated. They put growth for all of 2010 at 3 percent, up from a previous estimate that the economy grew 2.9 percent last year.
#6. To: Capitalist Eric (#5)
#7. To: war (#6)
Please explain how "SGS" came up with its "alternative".
Replies to Comment # 7.
#10. To: Capitalist Eric (#7)
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1929 103.8 103.4 104.4 +0.97%
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