10/31 00:01
U.S. Third-Quarter GDP Seen Contracting at 1% Rate: BN Survey
By Siobhan Hughes and Terry Barrett
Washington, Oct. 31 (Bloomberg) --
The U.S. economy probably contracted in the third quarter as business spending plunged and consumer spending cooled, pushing the nation toward its first recession in a decade, analysts said in advance of a government report today.
Gross domestic product, the value of all goods and services produced, probably fell at a 1 percent annual rate from July through September after growing at a 0.3 percent pace in the second quarter, according to the median of 57 forecasts in a Bloomberg News survey.
The decline would be the largest since the first three months of 1991, when the economy was last in recession. Officials from such companies as Procter & Gamble Co. and analysts say the economy may shrink again this quarter as fallout from Sept. 11's terrorist attacks spreads through the nation.
``We are in recession,'' said Mark Zandi, chief economist at Economy.com in West Chester, Pennsylvania. ``The ripple effects of the attacks are significant, and until a sense of personal safety is restored, the economy is going to struggle.''
A recession is commonly defined as two straight quarters of economic contraction !!!
The Commerce Department releases its
GDP report at 8:30 a.m. Washington time. In the 1991 first quarter, the economy shrank at a 2 percent annual rate.
The report may give Federal Reserve policy makers more reason to push down interest rates at their Nov. 6 meeting. A reduction would be the third since terrorists crashed planes into the World Trade Center and the Pentagon, killing thousands and disrupting business nationwide. The Fed's target rate on overnight loans between banks, currently at 2.5 percent, is already the lowest since May 1962.
Also today, the National Association of Purchasing Management- Chicago may report that its regional manufacturing index contracted for the 12th consecutive month, falling to 43 in October from 46.6 during September, analysts said. That report is set for release at 10 a.m. Washington time. A reading below 50 in the index suggests orders, production and other factory activity are declining.
Erstmals liefert jemand die Definition für Rezession-und das werden wir heute sehen,denk ich mal
Warum hat Citibank geschlossen?zuviele Putorders?
