Economists say US is in recession

Britain News.Net
Tuesday 19th August, 2008

Construction of new homes in the United States has fallen to the lowest annual rate in 17 years and analysts say the US economy has hit a recession.

Official data showed that housing starts fell 11 per cent in July and wholesale inflation rose 1.2 per cent.

Economists say the recession is fairly shallow at the moment,but there is weakness across most of the economy and employment is falling.

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