US economy shrank 6.1% (annualized) in 1Q 2009

[w¡n9Nµ7 §£@¥€r 123]

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.

Instead, the economy ended up performing nearly as bad as it had in the final three months of last year when it logged the worst slide in a quarter-century, contracting at a 6.3 percent pace.

http://news.yahoo.com/s/ap/20090429/ap_on_...c_fi/us_economy

[w¡n9Nµ7 §£@¥€r 123]

From the same article:

The jobless rate is now at a quarter-century high of 8.5 percent and is expected to hit 10 percent by the end of this year. It will probably rise a bit higher in early 2010 before starting to slowly drift downward. Still, the Fed predicts unemployment will stay elevated into 2011, and economists don't think it will return to normal — around a 5 percent jobless rate — until 2013.

[Ban Hammer 14,573]

gee i hope obama can do something about this once he takes office.

[I AM NOT THAT GUY 5,715]

It is starting to look like a ghost town around Main Street, USA, that is for sure! Many businesses that I have frequented over the last twenty years have suddenly disappeared over the winter, and no one has moved in to replace them this spring. If this summer doesn't break wide open, and soon, there won't be any economy left come next spring. I kept my businness open, so I am getting the benefit of reduced competition in a down market, but what is going to happen next year?

Edited April 29, 2009 by Mister_Bill

[w¡n9Nµ7 §£@¥€r 123]

It is starting to look like a ghost town around Main Street, USA, that is for sure! Many businesses that I have frequented over the last twenty years have suddenly disappeared over the winter, and no one has moved in to replace them this spring. If this summer doesn't break wide open, and soon, there won't be any economy left come next spring. I kept my businness open, so I am getting the benefit of reduced competition in a down market, but what is going to happen next year?

What kind of business?

[alienlovechild 75]

What kind of business?

He's a loan shark who breaks thumbs and knee caps on those who default. Business is up.

[SMOKE 1,426]

It is starting to look like a ghost town around Main Street, USA, that is for sure! Many businesses that I have frequented over the last twenty years have suddenly disappeared over the winter, and no one has moved in to replace them this spring. If this summer doesn't break wide open, and soon, there won't be any economy left come next spring. I kept my businness open, so I am getting the benefit of reduced competition in a down market, but what is going to happen next year?

What kind of business?

i think he mentioned a RV repair business in the past.

[I AM NOT THAT GUY 5,715]

It is starting to look like a ghost town around Main Street, USA, that is for sure! Many businesses that I have frequented over the last twenty years have suddenly disappeared over the winter, and no one has moved in to replace them this spring. If this summer doesn't break wide open, and soon, there won't be any economy left come next spring. I kept my businness open, so I am getting the benefit of reduced competition in a down market, but what is going to happen next year?

What kind of business?

i think he mentioned a RV repair business in the past.

It is definitely a bell weather industry. I can almost sense the Prez everytime he sneezes.

To add, half the RV Dealerships have already closed. The largest has consolidated, and has given their folks notice that is things do not pick up, they are shutting down in October. That would leave just a couple rinky dink outfits, one repair shop, and a couple of us that are still doing mobile repair.

Edited April 29, 2009 by Mister_Bill

[spookyturtle 9,466]

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.

Instead, the economy ended up performing nearly as bad as it had in the final three months of last year when it logged the worst slide in a quarter-century, contracting at a 6.3 percent pace.

http://news.yahoo.com/s/ap/20090429/ap_on_...c_fi/us_economy

Is that a bad sign?

[scandal 951]

It is starting to look like a ghost town around Main Street, USA, that is for sure! Many businesses that I have frequented over the last twenty years have suddenly disappeared over the winter, and no one has moved in to replace them this spring. If this summer doesn't break wide open, and soon, there won't be any economy left come next spring. I kept my businness open, so I am getting the benefit of reduced competition in a down market, but what is going to happen next year?

What kind of business?

i think he mentioned a RV repair business in the past.

It is definitely a bell weather industry. I can almost sense the Prez everytime he sneezes.

To add, half the RV Dealerships have already closed. The largest has consolidated, and has given their folks notice that is things do not pick up, they are shutting down in October. That would leave just a couple rinky dink outfits, one repair shop, and a couple of us that are still doing mobile repair.

I would think the repair business should be pretty good.

Since the sales of new rigs has been a downright disaster beginning with the $4 gas shock last year, Elkhart IN (world capital of RV construction) is pretty much a ghost town, wouldn't it be the case that owners of existing RVs would rather fix their old rigs than buy new ones? You should be living high on the hog... er swine... er flu .. er... whatever...

[I AM NOT THAT GUY 5,715]

It is starting to look like a ghost town around Main Street, USA, that is for sure! Many businesses that I have frequented over the last twenty years have suddenly disappeared over the winter, and no one has moved in to replace them this spring. If this summer doesn't break wide open, and soon, there won't be any economy left come next spring. I kept my businness open, so I am getting the benefit of reduced competition in a down market, but what is going to happen next year?

What kind of business?

i think he mentioned a RV repair business in the past.

It is definitely a bell weather industry. I can almost sense the Prez everytime he sneezes.

To add, half the RV Dealerships have already closed. The largest has consolidated, and has given their folks notice that is things do not pick up, they are shutting down in October. That would leave just a couple rinky dink outfits, one repair shop, and a couple of us that are still doing mobile repair.

I would think the repair business should be pretty good.

Since the sales of new rigs has been a downright disaster beginning with the $4 gas shock last year, Elkhart IN (world capital of RV construction) is pretty much a ghost town, wouldn't it be the case that owners of existing RVs would rather fix their old rigs than buy new ones? You should be living high on the hog... er swine... er flu .. er... whatever...

The almost $5.00/gallon for fuel almost killed me last summer. It sorta depends what the economy is doing, more than anything. If the economy is good, people buy new like you said, and that helps business. When the economy is bad, people hang on to what they have, and fix the stuff that needs to be fixed, and that work for me as well.

The problem comes when people are not sure what is going to happen, and then they hold on to their money, sorta like what is happenning to the market in general. No investment because nobody knows which way the economy is going to go. Until we start seeing higher volumes in the markets, nobody is going anywhere, and that sucks bigtime.

Being mobile, I get the fulltimers, the locals over the winter, and the tourists over the summer. Not a bad deal, driving around a resort area all the time.