Government numbers that were released today show weaker economic growth than had originally been forecast for the third quarter with the GDP coming in at almost a full percentage point lower than the Commerce Department’s first revision that came in a month ago.
The decline was something that was no surprise and at least part of the reason can be attributed to the growing gap between national exports and imports . The goods that are coming in to the United States are holding back the domestic recovery according to the experts.
There was some other bad news as well. The latest reports also painted a gloomy picture for consumer spending and downward expectations in the housing market.
The sales and inventories of autos also suffered. During the height of the recession, the auto makers slashed inventories and having cause to rebuild them would help the economy. Although there are some less than rosy pictures being painted on several fronts, most economists agree that the worst economic downturn since the Great Depression ended at some point during the summer and things are on the mend.