Economic Growth Revised Down in 3rd Quarter (How's that stimulus workin' for ya'?)
Posted by : Drew McKissick November 24, 2009 - 3:17pm
Source:
The APOriginal article:
Economic Growth Revised Down in 3rd QuarterThe economy grew at a 2.8 percent pace last quarter, as the recovery got off to a slower start than first thought.
The Commerce Department's new reading on gross domestic product wasn't as energetic as the 3.5 percent growth rate for the July-September period estimated just a month ago.
The main factors behind the downgrade: consumers didn't spend as much, commercial construction was weaker and the nation's trade deficit was more of a drag on growth. Businesses also trimmed more of their stockpiles, another restraining factor.
The new reading on GDP, which measures the value of all goods and services produced in the United States -- from machinery to manicures -- was a tad weaker than the 2.9 percent growth rate economists surveyed by Thomson Reuters had expected.
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Re: Economic Growth Revised Down in 3rd Quarter (How's that stim
Because there is a high rate of unemployment, this results to a heavy recession and it is getting critical. Recessions typically take a hard toll on the recreation industry, and this one may have been the straw that broke the back of Six Flags Parks. Six Flags Parks had been consistently losing money since the early 2000s, and recently filed for Chapter 11 bankruptcy protection. They had a roller coaster of a business history, figuratively speaking, and had experienced a shareholder revolt in 2005, and earlier this year, the company was de-listed by the New York Stock Exchange. They had warned stock holders that a bankruptcy filing might be inevitable, and blamed former management for taking on too much debt. It isn't as if Six Flags Parks were going to cure their financial ills with payday loans.