US growth slumps to 5-decade low
The Financial Express, April 30, 2009, Page 1
Washington: The US economy plunged again in the first quarter, capping its worst performance in five decades, reflecting a record slump in inventories and further declines in housing. GDP dropped at a 6.1% annual pace after contracting at a 6.3% rate in the last three months of 2008, the commerce department said on Wednesday.
The performance marks the weakest six months since 1957-58. Smaller stockpiles may set the stage for a return to growth in the second half of the year amid signs Fed efforts to reduce borrowing costs and unclog lending are starting to pay off.
The Financial Express, April 30, 2009, Page 1
Washington: The US economy plunged again in the first quarter, capping its worst performance in five decades, reflecting a record slump in inventories and further declines in housing. GDP dropped at a 6.1% annual pace after contracting at a 6.3% rate in the last three months of 2008, the commerce department said on Wednesday.
The performance marks the weakest six months since 1957-58. Smaller stockpiles may set the stage for a return to growth in the second half of the year amid signs Fed efforts to reduce borrowing costs and unclog lending are starting to pay off.
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