Recent revisions to US GDP figures by the Commerce Department, suggest that the recession triggered in late 2007 was actually worse then previously believed. According to the latest information, the US economy actually contracted by 4.1 percent from the fourth quarter of 2007 to the second quarter of 2009. Originally, growth decline was pegged at 3.7 percent.
Ã¢â‚¬Å“We do tend to get bigger revisions at turning points in the economy,Ã¢â‚¬Â Steven Landefeld, director of the Commerce DepartmentÃ¢â‚¬â„¢s Bureau of Economic Analysis, said in a press conference this week. On the more positive side, Ã¢â‚¬Å“in the past, weÃ¢â‚¬â„¢ve tended to undershoot the recoveryÃ¢â‚¬Â as well, he said.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.