U.S Economy In Recession Right Now

The forecast pointed to a housing sector that "shows no sign of bottoming," tightening credit conditions, rising unemployment, dismal retail sales and higher energy prices that squeeze consumers' purchasing power. "All in all, the U.S economy likely slipped into a modest recession around the turn of the year," said the report, which was titled "Recalibrating the Forecast." Several U.S. banks have also said recently that the American economy is in recession, or about to enter one. The U.S. Federal Reserve will likely add to Tuesday's big interest rate cut with another 1.5 percentage points — bringing the federal funds overnight rate down to two per cent by mid-year. http://www.cbc.ca/money/story/2008/01/23/recession.html

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