Recession was deeper than gov’t previously thought
OPS_admin | Jul 30, 2010 | Comments 0
The recession was deeper than the government previously thought.
The Commerce Department, in revisions issued Friday, estimates the economy shrank 2.6 percent last year – the steepest drop since 1946. That’s worse than the 2.4 percent decline originally estimated.
The economy’s plunge underscores why the unemployment rate surged to 10.1 percent in October, a 26-year high.
The revisions in gross domestic product, or GDP, now show zero growth in 2008. That compares with a 0.4 percent gain previously estimated.The economy also grew less in 2007 (1.9 percent) than earlier thought (2.1 percent).
Full Story: Business & Technology | Recession was deeper than gov’t previously thought | Seattle Times Newspaper.
Filed Under: Economy - Labor


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