Economic Update - August 2009A “Spectacularly Useless” Report |
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Highlights from this month's issue:
- Overview: Real GDP has declined 3.9% from its peak. This represents the sharpest contraction since the Great Depression. However, Fed Chairman Ben Bernanke in August said that “we have started the recovery process”
- Retail: Outside of autos, little else is selling. Excluding autos and gas, sales have continued to decline
- Motor Vehicles: The White House called Cash for Clunkers “the most efficient piece of economic stimulus done to date”
- Consumer Products: Industrial production continues to decline
- Travel: The Commerce Department reported that US tourism-related spending is contracting faster than the economy as a whole
- Aerospace & Defense: Although production can be volatile, it continues to be one of the brighter spots in the economy. July’s production gain was the strongest since December
- Process & Industrial Products: Production of materials rose but the machinery sector remained in a slump
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Economic Update - August 2009
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