Market Updates
GDP Shrank at 6.3%, Jobless Claims Rise
123jump.com Staff
26 Mar, 2009
New York City
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The final read on the GDP for the fourth quarter was revised downwards to 6.3%. The fourth quarter decline in economy was the weakest since 1982. More than five million people are collecting unemployment benefits in the U.S.
[R]10:30AM New York – The final read on the GDP for the fourth quarter was revised downwards to 6.3%. More than five million people are collecting unemployment benefits in the U.S.[/R]
The final read on the fourth quarter economic growth rate decline was lowered to 6.3% from 6.2% but for the annual rate of growth was left unrevised at 1.1%. The fourth quarter decline in economy was the weakest since 1982.
For the second half the economy shrank 0.5% annual rate ending in December.
The Commerce Department also estimated that annual profit for the year declined 10.1%, the largest decline since 1970.
The Labor Department reported that claims of initial jobless benefits rose 8,000 to 652,000 at the end of last week. Total number of people claiming benefits increased 122,000 from previous week to 5.44 million.
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