Economy: Sharpest Decline in 26 Years

Chris Isidore, CNNMoney.com: "The US economy suffered its biggest slowdown in 26 years in the last three months of 2008, according to the government's first reading about the fourth quarter released Friday. Gross domestic product, the broadest measure of the nation's economic activity, fell at an annual rate of 3.8 percent in the fourth quarter, adjusted for inflation."

//www.truthout.org/013009C

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Economy Goes From Bad to Worse

latimes.com — The bad economic news keeps piling up. Three milestones showing the depths of the downturn were reached: The number of workers filing unemployment claims hit an all-time high, sales of new homes fell to an all-time low, and production of durable goods dropped for the fifth straight month, boosting inventories to their highest level since at least 1992. And it's not over yet. The Commerce Department is scheduled to release its initial estimate of the U.S. gross domestic product — the value of all goods and services produced by the economy — for the fourth quarter of 2008. The report will essentially wrap into one sobering number all the grim developments that have been accumulating for weeks and months.

//ga3.org/ct/8720pgF1dE0-/



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