The GDP Revision Raises Recession Risk
As if the worries about a congressional stalemate on the government's proposed $700 billion financial rescue plan weren't enough, two economic reports released on Sept. 26 both added to pessimism about whether the U.S. economy can skirt a recession. Indeed, downward revisions to second-quarter gross domestic product and the University of Michigan's closely watched gauge of consumer sentiment are likely precursors, in both cases, of worse news to come.
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