Best Christmas Present: Steady Job

December 23, 2008 12:00:00 AM PST
Workers at the Janesville, Wisconsin General Motor's plant are putting in their final hours today. It's the same story at this gm plant in moraine, just outside Dayton, Ohio and in Arlington, Texas; the plant there is shutting down temporarily until the end of January.

But the big three auto companies will shut down nearly 60 factories in the next month as they struggle with the worst sales in more than a quarter of a century.

Auto sales aren't the only thing slumping. The gross domestic product, which measures all goods and services produced in the economy, fell half a percentage point in the third quarter. The slide marks the biggest decrease since 2001. Economists believe that the current GDP has fallen even deeper, perhaps by as much as 6%.

Many economists hope this quarter will mark the low point of the recession. At the root of the current financial problems--the housing crisis-- and there is no sign of improvement. Sales of existing homes plummeted far more than expected last month and the median sale price fell by the largest amount on record...More than 13 percent.



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