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The private goods-producing sector value added fell 6.4 percent in 2009, after a 4.2 percent decline in 2008. The private services-producing sector declined by
by rbarooah 16y ago
The private goods-producing sector value added fell 6.4 percent in 2009, after a 4.2 percent decline in 2008. The private services-producing sector declined by 2.1 percent, after a 0.4 percent increase in 2008. The finance and insurance industry grew 6.1 percent in 2009, partially offsetting the widespread economic decline. The increase was primarily driven by the strong recovery of the insurance carriers industry.
That's a quote from a December 2010 report from the government's bureau of economic analysis.
- yummyfajitas 16y agoSorry, I didn't realize your comment was limited to a single year of our current recession. You are correct - for a short period, finance has grown while other sectors have shrank. That's not the general trend, however, that's just a blip caused by the recently ended recession.
- rbarooah 16y agoEnded?
- yummyfajitas 16y agoAccording to NBER, the recession ended in June 2009. http://www.nber.org/cycles/cyclesmain.html http://www.nber.org/cycles/cyclesmain.html That's roughly the point where GDP growth became positive again. http://research.stlouisfed.org/fred2/graph/?chart_type=line&s[1][id]=GDP&s[1][transformation]=pch http://research.stlouisfed.org/fred2/graph/?chart_type=line&... [edit: can't respond to your post, but June 2009 is also the time period when industrial production and retail sales started growing, and when the stock market recovered. http://research.stlouisfed.org/fred2/data/INDPRO.txt http://research.stlouisfed.org/fred2/data/INDPRO.txt http://research.stlouisfed.org/fred2/series/RSAFS?cid=6 http://research.stlouisfed.org/fred2/series/RSAFS?cid=6 http://research.stlouisfed.org/fred2/series/SP500?cid=32255 http://research.stlouisfed.org/fred2/series/SP500?cid=32255 http://research.stlouisfed.org/fred2/series/ALTSALES?cid=98 http://research.stlouisfed.org/fred2/series/ALTSALES?cid=98 http://research.stlouisfed.org/fred2/series/DGORDER?cid=98 http://research.stlouisfed.org/fred2/series/DGORDER?cid=98 The period Jan 2009-Dec 2009 was bad, but Jun 2009-present was a period of growth for most sectors. ]
- rbarooah 16y agoFunny - according to the very report I just quoted that positive GDP growth in 2009 is due only to growth in the financial industry which makes up for the declines other sectors are still seeing.