Summary
During the last quarter of 2008, the US economy experienced a severe contraction, putting in one of its worst performances since World War II. Of particular concern is the marked deterioration in the job market. The US economy lost more than 3 million jobs in 2008, with the worst losses occurring in the final months of the year. South Carolina has also been shedding jobs in other areas, including manufacturing, tourism, and retail. As a result, in January 2009 the South Carolina jobless rate soared and, at 10.4%, is now the second highest in the US. According to the International Monetary Fund, the world economy will shrink in 2009 for the first time in 6 decades.
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Extract
Quarterly Outlook
During the last quarter of 2008, the U.S. economy experienced a severe contraction, putting in one of its worst performances since World War II. Unfortunately, all available information seems to indicate that this sharp contraction will extend well into the first quarter of 2009,...
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