Wednesday, April 29, 2009

Six Month Contraction of Economy Greater than any Prior Six Months during Post WWII Recession

I saw the news from the Commerce Department today that the US economy contracted at a 6.1% annual rate during the first quarter of this year following a 6.3% loss in GDP during the fourth quarter of 2008.  A quick glance at the CRS report on recessions indicates that no post WWII recession had two quarters of consecutive reductions in GDP in the 6+% range.  This is a much steeper recession than anything in the past. 

http://lawprofessors.typepad.com/environmental_law/2009/04/six-month-contraction-of-economy-greater-than-any-prior-six-months-during-post-wwii-recession.html

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