Thursday, February 28, 2008

Bright spot

"The economy skidded to a near halt in the final quarter of last year, clobbered by dual slumps in housing and credit that caused people and businesses to spend and invest more sparingly.

There was a bright spot in the report, however. Sales of U.S. goods and services to other countries grew at a 4.8 percent pace in the fourth quarter, better than previously estimated. U.S. exports have been helped by the declining value of the U.S. dollar, which makes U.S. goods less expensive on foreign markets. The U.S dollar dipped to another record low on Thursday in Europe.

For all of 2007, the economy grew by 2.2 percent, the weakest showing in five years. That estimate also was not changed from an earlier reading."

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