Latest figures show nation still in recession

The nation is still in a recession, according to new U.S. government figures.

In numbers released this week by the Department of Commerce, the nation's real gross domestic product declined by 0.5 percent from the second quarter to the third quarter. Analysts have said that the U.S. economy has now been in a recession for about a year.

According to the Commerce Department, the latest decrease in real GDP was due to fewer personal consumption expenditures and less business investment. However, the department also noted that some of the economic blow was cushioned by increased government spending at the state, federal and local level.

The report also noted that imports had fallen in the previous quarter.

While the latest numbers aren't as bad as they were in the second quarter, the real test of the recession's staying power may come when the numbers from the current quarter are examined. Some recent employment numbers have shown signs of at least leveling off, although a recent Marketwatch report noted that some analysts predict the fourth quarter could see the GDP drop by as much as six percent.

Source : Here