Gdp Numbers Released

01.30.09 | FL News Team

The latest data from the Commerce Department shows the nation's economy has sunk even deeper into a recession. Figures show the gross domestic product, or GDP, fell at a 3.8-percent annual rate during the fourth quarter. That's the fastest pace in almost 27 years.

The new report reveals broad-based contraction across almost all sectors. The Commerce Department report highlights the recession momentum is picking up due to the housing crisis that got underway in December 2007. In 2008, the U.S. GDP rose 1.3-percent, the slowest pace of growth since 2001.

Financial Analyst Bill Rogers says the number is not as dire as some would think:

The GDP is a measure of national income and includes the total money spent for all final goods and services produced within the U.S. during a specific time period. Declines of between three-percent and seven-percent were expected.