The Commerce Department has released its preliminary estimate of U.S. third quarter gross domestic product, showing a decline to -0.3 percent. If the fourth quarter follows suit, we will be safe in saying we officially have entered a recession.
Consumer spending fell by -3.1 percent. Business investment fell by -1.0 percent, final sales were down by -0.8 percent. Disposable income came in at -8.7 percent.
The odd thing is that despite the generally-tough tone since perhaps the summer of 2007, growth has been positive through the second quarter of 2008.
Thursday, October 30, 2008
Negative Growth in Third Quarter, Commerce Dept. Reports
Gary Kim has been a digital infra analyst and journalist for more than 30 years, covering the business impact of technology, pre- and post-internet. He sees a similar evolution coming with AI. General-purpose technologies do not come along very often, but when they do, they change life, economies and industries.
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