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- August 9, 2008
Economy Continues to Shrink in June
Although the situation in America has left the general economy feeling a pinch as gas prices soar and jobs continue to dwindle in certain markets such as the automotive industry, the overall impression left on Americans has been greatly exaggerated in most cases. However, despite the fact that the economy has not been completely hurt, with some sectors actually continuing to grow at a healthy pace, the latest figures from the New York Conference Board report for the month of June have shown a slight decline for the overall economy.
The private group evaluates several aspects of the economy and ties them together into a comprehensive report, which in regards to last month, has shown that the economy has slowed somewhat due to the rising costs of consumables such as food, fuel and other related products. Overall, the report has indicated a dip in the general growth of the economy, with numbers falling slightly behind the previous report.
The forecast of the economy’s future by the Conference Board has fallen by about .1%, which matches the general belief held by the estimations of several economists representing Wall Street. However, the figure for June is slightly less than the one for May, which was .2%. The group’s report expresses their judgment that the economy may not improve in any significant way over a period of the next six months.
According to Allen Sinai, chief economist at DE, or Decision Economics, the report shows an economy that has been fragmented, with such markets as finance and housing in a slump alongside other sectors that are growing heartily, like exports and health care.
While the overall picture shows symptoms of slight weakness, its image is made complicated due to the fact that the economy is a mixed bag at the moment, with several factors doing well while many more are doing poorly. In general terms, it seems that with more sectors doing worse than they are doing better, signs point to a mild recession.
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