Events Calendar
In This Section
Hospital connects to patients online
AutoZone to replace Blockbuster in West Akron
Gains in financials, material stocks lift market
Jobless claims indicate economy remains weak
Citigroup shuffles executives, former CFO leaving
GM, Chrysler fight reopening of closed dealerships
YRC, Teamsters reach tentative deal on concessions
Most Read Stories
Akron police investigate teen mob attack on family
Woman, 75, charged with beating fawn to death
Akron woman found dead at Brimfield Township store
Man shot outside his Akron home during robbery attempt
Man shot in back near Akron park
Suspect sought in Portage Path bar robbery
Tragic day puts man on path to be Pinnacle owner
Blogs:
Pets:
Dogs' Bark: Not fair! Study shows pups get jealous
The Heldenfiles:
Who Will Get the Michael Media Treatment Next?
Patrick McManamon:
More on Varejao
Akron Zips:
Opponent outlook: Kent State
Browns Bulletin:
Quick thought on Browns rookies
Tribe Matters:
Wedge challenges relievers
Cleveland Browns:
Stallworth test showed marijuana
Kent State Sports:
Men's Basketball Scheduling update
Cleveland Cavaliers:
Andy’s Signed According to ESPN
All Da King's Men:
Does Medicare Have Lower Administrative Costs ?
Blog of Mass Destruction:
CIA Did Mislead Congress
Akron Law Café:
Breaking Story: CIA Lied to Congress about Secret Program
Varsity Letters:
East basketball update
See Jane Style:
Oh Baby!
Car Chase:
Where do We Go from Here?
Let's Talk Real Estate:
Closings….Not the Good Kind!
Ohio Travels with Betty:
Margy inquires-when is a Taste of Hudson?
Sound Check:
LeVert II live performance Saturday night — "Dedication" album due July 13,
HRLite House:
DDI One of Best Places to Work
Akron Gamer:
First 24 'Guitar Hero 5' songs announced
Fourth quarter could be low point of recession
By Martin Crutsinger
Associated Press
Published on Wednesday, Dec 24, 2008
WASHINGTON: As the longest recession in a quarter century intensifies, analysts believe the small decline in economic activity in the third quarter has worsened significantly in the current fourth quarter.
The Commerce Department said Tuesday that the gross domestic product, the broadest measure of economic health, declined at an annual rate of 0.5 percent in the July-September quarter. Corporate profits fell 1.2 percent.
Some economists believe the economy's decline in the October-December period could be as large as 6 percent. If so, that would be the worst quarterly drop since 1982.
''It will get a lot worse before it gets better,'' said Nariman Behravesh, chief economist at IHS Global Insight, a Lexington, Mass., forecasting firm. ''We are in the midst of the worst recession in the post-war period, even factoring in a massive stimulus program.''
Many economists think this quarter could mark the low point of the recession, which is already the longest in a quarter century, having started in December 2007.
Analysts are projecting that the huge plunge in GDP they expect in the current quarter will be followed by smaller declines in the first and second quarters of next year, before the economy starts growing again next summer. If the recession ends in June 2009, as many economists are forecasting, it would have lasted 18 months, making it the longest recession since World War II.
Meanwhile on Tuesday, the Commerce Department said new home sales dropped 2.9 percent in November to an annual sales rate of 407,000 units, the slowest pace in nearly 18 years.
Meanwhile, the National Association of Realtors said sales of previously owned homes fell by 8.6 percent to an annual rate of 4.49 million units.
The median sales price of an existing home plunged 13.2 percent in November to $181,300, the biggest year-over-year drop on records dating to 1968. The median, or midpoint, price for a new home sold in November dropped by 12.7 percent to $220,400.
WASHINGTON: As the longest recession in a quarter century intensifies, analysts believe the small decline in economic activity in the third quarter has worsened significantly in the current fourth quarter.
Get the full article here.
Comments
Click here to post your comments
