The gross domestic product, the broadest measure of the nation's economy, fell at an annual rate of 0.3% in the period. That compared with a 2.8% growth rate in the second quarter, when economic stimulus checks and strong exports spurred by a weak dollar resulted in solid growth that vanished in the latest reading...
This latest reading is yet another warning sign of a recession, and marked only the fifth quarter in more than 17 years in which GDP fell below zero. Much of the impact of the recent crisis in financial and credit markets was not reflected in this reading, which reflects the period ending Sept. 30.
from CNN
My thoughts: Not quite the gloom and doom that the media would have you believe. The rule of thumb for a recession remains 2 quarter of GDP decline. The offical start of a recession is done by the NBER.
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