GDP Shrinks, Confirms Recession is Coming
No surprise here…
The broadest barometer of the nation’s economic health, gross domestic product, shrank at a 0.3 percent annual rate in the July-September quarter, the Commerce Department reported Thursday. It marked the worst showing since the economy contracted at a 1.4 percent pace in the third quarter of 2001, when the nation was suffering through its last recession.
Consumers cut back on their spending by the biggest amount in 28 years, the strongest signal yet the country has hurtled into recession.
This news will find its way to the talking points of both campaigns today. For McCain he will try to put further space between himself and the current President, while Obama will use this to strengthen his argument that the country needs a real change in leadership.
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