View from UK: US Joins UK on Recession Brink
I don’t know which specific government figures the authors are referring to.
From today’s Observer:
America joins UK on brink of recession
Fed expected to lower interest rates to 1 per cent
Heather Stewart and Richard Wachman
The Observer,
Sunday October 26 2008
Federal reserve chairman Ben Bernanke is poised to slash American interest rates to just 1 per cent this week, the lowest level since the depths of the dotcom crash, as government figures reveal the US has joined Britain on the cusp of recession.
World investors were focused on Britain last week after Bank of England governor Mervyn King and Prime Minister Gordon Brown confirmed recession was looming, and it emerged that the economy had shrunk by a worse-than-expected 0.5 per cent in the third quarter of the year. But all eyes will now turn to the US, as the Fed meets to set borrowing costs and government figures reveal the full scale of the deterioration in the economy over the past three months.
