U.S. Economy Grows, At Last, But Jobs More Elusive

6 months ago I figured we could hope than in late 2009 we would see the beginning of the recovery. I am much less optimistic about the later half of 2009 now. The initial reports for the last quarter of 2008 showed GDP Down 3.8%, the worst since 1982. That has now been updated to an annualized decline of 6.2%. Still the economy actually grew for all of 2008 by just over 1%, something I don’t think most people realize.

The economy picked up steam in the last three months of 2010, growing at an annual rate of 3.2 percent, the Commerce Department said Friday. That's up from the 2.6 percent pace in the third quarter.» E-Mail This     » Add to Del.icio.us

The long recession technically ended in mid-2009, economists say, but U.S. Census data released Tuesday show the painful, lingering effects. The annual survey covers all of last year, when unemployment skyrocketed to 10 percent, and the jobless rate is still a stubbornly high 9.6 percent.» E-Mail This     » Add to Del.icio.us

The recession faded in the spring with economic activity shrinking at a pace of just 0.7 percent, a better-than-expected showing that buttressed beliefs the economy is growing now. The government previously estimated gross domestic product fell at a 1 percent pace.» E-Mail This     » Add to Del.icio.us

Gross domestic product expanded at a 2.4 percent annual rate in the first quarter, the government reports. At one point, economists thought growth was closer to 3 percent in the first three months of the year.» E-Mail This     » Add to Del.icio.us

The National Association for Business Economics said its latest survey, released Monday, found 31 percent of businesses added workers between April and June, the highest level in three years.» E-Mail This     » Add to Del.icio.us

In the days before the housing crisis, the idea of a bank foreclosure filled any homeowner's mind with dread and shame. Now, with so many Americans owing more on their homes than they're worth, some people are taking a whole new approach: essentially saying, "Foreclose on me, please." It's more technically known as a "strategic default."

The U.S. economy spiked in the final months of 2009, growing at its fastest rate in six years according to the Commerce Department. But millions of Americans are still out of work, a problem President Barack Obama hopes to address with a new, $33-billion job creation package. Guest host Audie Cornish talks with New York Times economics columnist David Leonhardt about the latest economic numbers.