The Recession is more worse than previously thought in a report by Commerce Department Today. For the 12 months of the financial crisis the US economy declined more than twice what was measured. Consumer Spending dropped tremendously as well as housing sales fell.
The final tally is the economy fell 1.9% from October 2007 to October 2008 vs what was previously recorded.
Consumer spending was down during fall 2008 compared to fall 2007. Spending in 2007 1.5% vs 1.8%.
Residential Construction fell 21%;two percentage points more that original measure.
This spring(2009) the economy shrink 6.4% vs. 5.5% as previously reported.; The most since 1982 recession.