Non-traditional measurement based on employment, other statistics

MarketWatch Dec 1, 08 12:51 PM CST
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The US economy has been in a recession since employment peaked in December 2007, a committee of economists declared today. However, MarketWatch notes, the private National Bureau of Economic Research rejects the traditional metric that recession is defined as consecutive quarters of GDP decline, opting instead to look at four key monthly indicators, including employment, industrial output, and sales.
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Economic downturn could last a year

Reuters Nov 17, 08 2:39 AM CST
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The financial crisis rippling through the global economy has claimed another casualty as Japan has slipped into its first recession in seven years, Reuters reports. Third quarter statistics reveal a 0.1% contraction in Japan's Gross Domestic Product. Japanese economists warn the nation could languish in recession for an entire year and that interest rates may be cut further.
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OPINION
Economist argues for systemic adjustment

Guardian (UK) Nov 10, 08 2:15 PM CST
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The financial crisis can't be averted, and the Obama administration would be wise to accept that and concentrate on "a steady policy that will steer us through an unavoidable short-run recession to arrive at a much healthier economy within three to five years," writes Jeffrey Sachs for the Guardian . Proposals of tax cuts, spending increases, homeowner bailouts, and 0% interest rates are “panic, not policy,” warns the celebrated economist.
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MARKETS
Early news on shrinking GDP can't keep indices from rising

MarketWatch Oct 30, 08 3:29 PM CDT
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The markets held ground after an early rally today, with investors shrugging off a smaller-than-expected fall in third-quarter US gross domestic product and remaining cautiously optimistic over yesterday’s Fed rate cut, MarketWatch reports. The Dow closed up 189.73 at 9,180.69. The Nasdaq rose 41.31 to 1,698.52, and the S&P 500 climbed 24.00 to 954.09.
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MARKETS
Drop isn't as bad as feared, and rate cuts abroad cheer US traders

Wall Street Journal Oct 30, 08 9:07 AM CDT
(Newser)
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Stocks jumped at the opening bell, as international rallies helped offset a shrinking US economy, the Wall Street Journal reports. Gross domestic product shrank at a seasonally adjusted 0.3% annual rate from July to September; the not-as-bad-as-feared figure sent the Dow up 201 points at the open before dipping back downward. The S&P and Nasdaq saw 1.8% and 2.5% gains of their own.
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Economists fear prolonged recession inevitable as numbers erode

Bloomberg Oct 30, 08 8:28 AM CDT
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The US economy shrank less than expected in the third quarter but still suffered the biggest contraction since the 2001 recession, reports Bloomberg. The gross domestic product fell 0.3%, led by the first fall off of consumer spending in two decades. The figure, out from the Commerce Department this morning, beat the forecast 0.5% annual rate but nevertheless rang alarm bells among economists who warned a prolonged recession is likely.
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Growth at solid 9%, but down for 5th quarter in row as exports shrink

Guardian (UK) Oct 21, 08 1:27 PM CDT
(Newser)
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The dragon isn’t sick yet, but it’s definitely catching cold: China’s gross domestic product grew by an enviable 9% in the third quarter, but still failed to match last quarter’s result of 10.1%, the Guardian reports. The data mark the first time China’s GDP has dipped below 10% in almost 3 years, and the fifth consecutive quarter GDP has slowed.
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As prices rise, wages fall and unemployment jumps, spending growth has stalled

Washington Post Oct 3, 08 10:45 AM CDT
(Newser)
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The current economic crisis is shaping up to be different than others Americans have weathered in the past 20 years in an important respect, the Washington Post reports: consumer spending, which the nation could always count on to propel the economy through, has stalled. Real spending, the catalyst behind 70% of GDP, has been flat or down since June, and economists predict the third quarter will show the first decline in spending since 1990-1991.
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MARKETS
WaMu spooks markets, but optimism over bailout remains strong

MarketWatch Sep 26, 08 3:47 PM CDT
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Stocks lost value for most of today’s session as progress slowed on the Wall Street bailout plan, but turned sharply higher in the last few trading hours, MarketWatch reports. Despite mixed gains today, all indices saw losses during a tumultuous week. The Dow gained 121.07 to 11,143.13. The Nasdaq lost 3.23, closing at 2,183.34, while the S&P 500 gained 4.09 points to close at 1,213.27.
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MARKETS
MBIA's jump leads insurers higher, and lower energy prices power big gains

MarketWatch Aug 28, 08 3:15 PM CDT
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Stocks rallied today as MBIA led gains for bond insurers and the news of an upward revision to the second-quarter US gross domestic product brightened investor sentiment, MarketWatch reports. The Dow rose 212.67 to close at 11,715.18. The Nasdaq gained 29.18, closing at 2,411.64, and the S&P 500 climbed 19.01 to settle at 1,300.67.
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Economy
Commerce Department revision shows healthier growth

Wall Street Journal Aug 28, 08 12:06 PM CDT
(Newser)
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GDP growth was higher than initially reported in the second quarter, the Wall Street Journal reports. Commerce Department revisions put the increase at a seasonally adjusted 3.3% annual rate—the original estimate was 1.9%. Businesses decreased their inventories less than previously thought. At the same time, exports rose more than thought, while imports fell more.
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MARKETS
Two-day rally quashed, ending July on a sour note

MarketWatch Jul 31, 08 3:19 PM CDT
(Newser)
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Stocks fell today as worrying economic reports put an end to a 2-day rally, MarketWatch reports. Financials slipped, and energy stocks took a hit as Exxon’s record profit failed to meet analysts' expectations and crude prices continued to fall. The Dow dropped 204.69 to 11,379.00. The Nasdaq, relatively insulated from financials and energy, fell only 4.17 to 2,325.55, while the S&P 500 tumbled 16.86 to close at 1,267.40.
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OPINION
Economists need to start thinking about quality of life

Portfolio Jun 19, 08 3:30 PM CDT
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While the jury's still out on whether money can buy happiness, a higher gross domestic product certainly doesn't. In rich countries, well-being really does depend on non-material things like family stability, a friendly community, and job security—and economists should start incorporating quality-of-life issues into policy, John Cassidy writes in Portfolio.
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