Sunday, May 01, 2005
The slow down is largely blamed on increasing crude oil prices. But I suspect that is just a small piece of the puzzle. Everyone knew crude oil prices would affect the U.S. economy, yet most economists didn't expect this severe of a slow down:

During the quarter, the gross domestic product -- the value of goods and services produced in the United States -- grew at an annual rate of 3.1 percent, down from a 3.8 percent rate for 2004's fourth quarter, the US Commerce Department reported yesterday. Many economists had been looking for a first-quarter growth rate of 3.5 percent.

''Clearly, the economy lost momentum in the first quarter," said Nigel Gault, US economist at Global Insight, a Waltham forecasting firm. ''The farther we got into the quarter, the softer it got."

Sounds like it will probably get worse before it gets better....
Take Me Back Home

About Me 
My Photo
Location: Chicago, Illinois, United States

I am an attorney in Chicago. Politically speaking, I am an indepedent that tends to lean conservative on fiscal issues and progressive on social issues. I try to remain as unbiased and open-minded as possible. Please email or post any comments, and especially criticisms. If something I say is wrong, or you disagree - let me know about it!

Email Me Your Comments

Site Feed


Technorati Profile
Technorati search


|| Powered by Blogger

Blog Design by:

Weblog Commenting and Trackback by

Creative Commons License
This work is licensed under a Creative Commons License.

The views expressed on this website are solely those of the author, and do not necessarily represent the views of his employer or any other organization or person.

Nothing in this weblog is intended as legal advice, nor should anything contained in this weblog be construed as legal advice.

This is a forum for personal views and opinions. Accessing this website is not a consultation for legal advice or services and nothing contained in this weblog creates an attorney-client relationship nor should it be construed as creating an attorney-client relationship.

The Ecosystem 

Some Rights Reserved - - Copyright ©2005