Economy grows by only 0.6 percent in first quarter

AP - Yahoo ^ | April 30, 2008 | Jeannine Aversa

[Always Right]

Economy limps ahead at a 0.6 percent pace in first quarter, better pace than expected

WASHINGTON (AP) -- The bruised economy limped through the first quarter of this year at only 0.6 percent as housing and credit problems forced people and businesses alike to hunker down.

The country's economic growth during January through March was the same as in the final three months of last year, the Commerce Department reported Wednesday. The statistic did not meet what economists consider the classic definition of a recession, which is a retraction of the economy. This means that although economy is stuck in a rut, it is still managing to keep growing -- however modestly.

[Always Right]

Only 0.6%? I know it is not much, but aren't we deep into the worst recession since the Great Depression??? We have not even seen our first quarter of economic downturn, and yet everyone is convinced we are in some horrible recession. So far it has just been a small slow down.