More bad news for the economy: GDP tumbled 5.5% and unemployment claims were up 15,000
California Housing Crash, Florida Housing Crash, The Economy, Real Estate June 25th, 2009
And the bad news keep coming showing that all the stimulus in the world cannot hide the horrible state of our economy. According to CNBC:
The revised reading on gross domestic product, released Thursday by the Commerce Department, showed the economy from January through March didn’t fall as deeply as the 5.7 percent annualized decline reported a month ago. Economists expected the government would stick with its previous estimate.
A separate government report found new jobless claims jumped unexpectedly last week, while continuing claims for unemployment benefits rose more than expected. The data show jobs remain scarce even as the economy shows some signs of recovering from the longest recession since World War II.
