The economy grew at its slowest pace since 2002 in the first three months of the year, according to a government report Thursday that was weaker than Wall Street expectations.The National Bureau of Economic Research defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months." According to this definition and the slowing growth rate are we already slipping into recession?
The Commerce Department's gross domestic product report, the broadest measure of the nation's economic activity, showed an annual growth rate of 0.6 percent in the first quarter. That's down from its initial estimate of 1.3 percent growth.
The nation's economy grew at its slowest pace since the end of 2002 in the first quarter.
Economists surveyed by Briefing.com had forecast the growth rate would slow to 0.8 percent.
Thursday, May 31, 2007
GDP Slowest Since 2002
Are we heading for recession.