REALTOR® Magazine-Daily News-Recalculation Discovers Deeper Recession

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Daily Real Estate News | July 30, 2010 | Recalculation Discovers Deeper Recession
The Great Recession that started in late 2007 was even deeper than government economists said it was in early estimations.

The Commerce Department released a revised report today that said the U.S. economy shrank 4.1 percent from the fourth quarter of 2007 to the second quarter of 2009. Previously, the government had said the drop was 3.7 percent.

Household spending fell 1.2 percent in 2009, twice as much as the government estimated. This was the biggest decline since 1942.

The recovery has been slower as well with the economy growing at an average 3.3 percent annually from July 2009 through December 2009. Previously, the government projected a 3.9 percent growth rate.

Residential construction fell at a 22 percent annual pace from 2007 to 2009, one percentage point more than previously reported.

Source: Bloomberg, Shobhana Chandra (07/30/2010)