Word: gdp
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...official: The U.S. economy is on the skids. According to new Commerce Department figures, the Gross Domestic Product (GDP, or the output of goods and services produced within the U.S.) shrank at an annual rate of 1.1 percent during the 3rd quarter of 2001. This is the most dramatic decline since 1991, when the country was firmly mired in recession, and represents a steep revision from the original estimate of 0.4 percent, released last month...
Traditionally, a recession is defined as two successive quarters of decline in the growth of the Gross Domestic Product (GDP). But the Business Cycle Dating Committee makes its decisions independent of GDP changes. The GDP has had one quarter of economic contraction, but information is not yet available on the current quarter...
...which means that the same markets that steadfastly refused to presage a recovery all year - making all the economists look stupid - are predicting one right now. Which suddenly makes the same economists, now predicting a two-quarter climb back to 3.5 percent GDP growth for the first half of 2002, look like they might just have it right this time. Finally...
...thing about oil--those supplies do no good unless they're sold. Any oil exporter that attempted to discriminate against the U.S. would hurt itself just as much as the U.S. Moreover, the American economy has become much more "energy efficient"; it spends only about 2.5% of its GDP on oil, compared with about 8% 20 years...
...Prime Number 0.4 percent is the rate U.S. GDP shrank in the third quarter, its first contraction since 1993. Stocks soared: the market expected worse...