Could the U.S. be in recession?

61% of the public believes the economy is now suffering through its first recession since 2001. The fallout from a depressed housing market and a credit crunch nearly caused the economy to stall in the final three months of last year. Some experts, like the majority of people questioned in the poll, say the economy actually may be shrinking now. The worry is that consumers and businesses will hunker down further and pull back spending, sending the economy into a tailspin.

For all of 2007, the economy grew by just 2.2%. That was the weakest performance since 2002, when the country was struggling to recover from the last recession. The housing collapse was the biggest culprit in 2007. Thanks alot, housing problem!!

This entry was posted on Tuesday, February 12th, 2008 at 1:31 pm and is filed under Studies and Surveys, Top Business Headlines. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.