News

Issues and events that shape Long Island's economic and legislative landscape.

Thursday, August 21, 2014

LIA Monthly Economic Report - Double-Dip Recession May Not Be Imminent

The U.S. economy is still struggling to gain momentum following disappointing economic growth during the first half of this year. U.S. GDP grew at an annual rate of only 0.9% during the January?through?June period. However, preliminary figures indicate that real GDP increased at an annual rate of 2.5% in the third quarter. Faster third quarter GDP growth reflected increased exports, consumer spending, business investment and federal spending. The new data provide some reassurance that a double?dip recession is not imminent. Nevertheless, the nation''s economy still faces significant hazards and both businesses and consumers seem prepared for a slow and bumpy economic recovery.

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