Update on the 2001 recession
The 2001 recession, already among the mildest in modern U.S. economic history, was even slightly shallower than earlier estimated, according to a comprehensive revision of national income and production figures released yesterday by the Commerce Department.
The drop in the nation's gross domestic product from the first quarter of 2001 to the fourth quarter, when the recession ended, was only 0.5 percent rather than 0.6 percent, according to the revisions, which are done every five years.
However, the update also shows that the economy contracted slightly in the July-September period of 2000, as well as in the first three quarters of 2001.
The latest figures revised were those for the second quarter of this year. For the third quarter, the department has estimated that the economy grew at an 8.2 percent annual rate after adjustment for inflation, but it will revise that figure late this month.
The media have stopped calling it the "Bush Economy." Let's see if they stop calling it the "Bush Recession."
