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Third-quarter GDP falls; U.S. economy moves closer to full-blown recession

The U.S. economy moved a step closer to recession in the third quarter of the year, shrinking at the sharpest rate in more than a decade as the Sept. 11 attacks dealt a blow to an already fragile U.S. economic situation.

But economists and Wall Street investors were heartened that the U.S. economy did better than many had feared.

The U.S. Commerce Department said Oct. 31 that gross domestic product, the broadest measure of U.S. economic health, fell at an annual rate of 0.4 percent in the three months ended in September.

"It's the shot that signals the start of the recession," said Chris Rupkey, economist at the Bank of Tokyo/Mitsubishi.

The Third-quarter GDP performance was the worst since U.S. economic output shrank 2 percent in the first quarter of 1991 amid the last recession.

"The world is not falling apart," said Charles Lieberman, chief economist at Advisors Financial in Suffern, New York.

Still, analysts said the U.S. economy may have a tough road ahead of it before a recovery takes hold.

If fourth-quarter GDP comes in negative, as expected, the U.S. economy would meet the loose definition of a recession — two straight quarters of falling GDP.

Shukan ST: Nov. 9, 2001

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News Third-quarter GDP falls; U.S. economy moves closer to full-blown recession The U.S. economy moved a step closer to recession in the third quarter of the year, shrinking at the sharpest rate in more than a decade as the Sept. 11 attacks dealt a blow to an already fragile U.S. economic situation. But economists and Wall Street investors were heartened that the U.S. economy did better than many had feared. The U.S. Commerce Department said Oct. 31 that gross domestic product, the broadest measure of U.S. economic health, fell at an annual rate of 0.4 percent in the three months ended in September. "It's the shot that signals the start of the recession," said Chris Rupkey, economist at the Bank of Tokyo/Mitsubishi. The Third-quarter GDP performance was the worst since U.S. economic output shrank 2 percent in the first quarter of 1991 amid the last recession. "The world is not falling apart," said Charles Lieberman, chief economist at Advisors Financial in Suffern, New York. Still, analysts said the U.S. economy may have a tough road ahead of it before a recovery takes hold. If fourth-quarter GDP comes in negative, as expected, the U.S. economy would meet the loose definition of a recession — two straight quarters of falling GDP. Shukan ST: Nov. 9, 2001 (C) All rights reserved