Wednesday, April 29, 2009

Never forget: this is W's recession!

Economy shrinks at worse-than-expected pace
By JEANNINE AVERSA, AP Economics Writer
29 Apr 2009
WASHINGTON – The economy shrank at a worse-than-expected 6.1 percent pace at the start of this year as sharp cutbacks by businesses and the biggest drop in U.S. exports in 40 years overwhelmed a rebound in consumer spending.

The Commerce Department's report, released Wednesday, dashed hopes that the recession's grip on the country loosened in the first quarter. Economists surveyed by Thomson Reuters expected a 5 percent annualized decline.

I thought Jim Cramer pronounced the recession over not too long ago.

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