The US economy has experienced a sharp contraction in the final quarter 2008 at 6.2 per cent. The figure is much higher than the estimated 3.8 per cent fall and the worst results in 25 years.
Fact is the U.S. recession continues to deepen. Consumer confidence is down. Job losses are on the increase. Consumer spending is dropping (4Q 2008 results show consumer spending dropped by 4.3 per cent – the worst figures since 1980). Exports also crumbled and stocks are having their roughest times in decades.
The near future doesn’t look any brighter with first quarter 2009 figures estimates hovering around 6 per cent.