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U.S. GDP Contracts 0.3% In Q3
Daniel Shepard (October 30th, 2008) Writes:
Thursday October 30, 2008 Navivest
The U.S. Commerce Department today, put out a report that showed the Gross Domestic Product or GDP, contracted at an annualized rate of 0.3%. Economists were looking for a rise of 0.3%.
The GDP which is the broadest measure of a nation’s economy, is the sum total of all the goods and services that a country produces. As such, a shrinking GDP means we are producing fewer goods and services, which would then mean less people employed, and all the other negative economic implications that come with that.
The number should not entirely be a surprise. Employment is already at 6.1% a 0.7% jump in September, from the 5.4% August 2008 rate. Consumer sentiment for October 2008 showed a reading of 57.5, a steep drop from the September reading of 70.3. Forecasters had been looking for the number to come in at 64.5.
Furthermore, major corporations have
...American Express, Chrysler, General Motors, Janet Yellen, San Francisco Federal Reserve, Stocks to Watch, United States, US Commerce Department, USD
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