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Originally Posted by gldstwmn
http://cbs.marketwatch.com/news/stor...2996C31C344%7D
Stocks slammed by employment data
July jobs growth about 200,000 below expectations
By Susan Lerner, CBS.MarketWatch.com
Last Update: 12:05 PM ET Aug. 6, 2004
NEW YORK (CBS.MW) - Stocks tumbled and bonds surged Friday after the Labor Department shocked Wall Street with a July jobs report that showed growth below expectations.
Click the link for the full article. If things keep up like this, you can soon expect to see Alan Greenspan chanting like Stevie at the end of Sisters Of The Moon in the 1982 Mirage Tour video.
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Don't forget these:
http://story.news.yahoo.com/news?tmp..._ec_fi/economy
U.S. Economy Slows Dramatically in Spring
WASHINGTON - The U.S. economy grew at an annual rate of just 3 percent in the spring, a dramatic slowdown from the rapid pace of the past year, as consumer spending fell to the weakest rate since the slowdown of 2001, the government reported Friday.
The Commerce Department said that the gross domestic product, the country's total output of goods and services, slowed sharply in the April-June quarter from a 4.5 percent growth rate in the first three months of the year.
The size of the slowdown caught economists by surprise. Many had been looking for GDP growth to come in around 3.8 percent in the second quarter. Even that would have been a sharp deceleration for an economy that had been growing at a 5.4 percent annual rate through the year ending in March.
It raised the issue of whether the economy, which Federal Reserve Chairman Alan Greenspan said last week had encountered a "soft patch" in June, could be in danger of seeing growth falter even more in coming quarters.
http://news.myway.com/top/article/id/116084
US 2001 Slump May Not Have Been Recession at All
WASHINGTON (Reuters) - Not only was the U.S. recession in 2001 the shallowest on record, it may not have been one at all -- at least in the classic sense of two straight quarterly declines, new government data show.
In annual revisions to U.S. gross domestic product numbers released on Friday that could fuel a politically charged debate, the Commerce Department rewrote the history of the recent downturn by revising away a decline in the second quarter of 2001.
The new figures, which reflect more complete source data, show economic activity peaked in the second quarter of 2001, not the fourth quarter of 2000.
Looking at BEA data for 2001, Q1 showed -0.5%, Q2 showed +1.2%, Q3 showed -1.4%, and Q4 +1.6%.
A recession is generally defined as two or more quarters of negative growth, back to back.