Support for LAist comes from
We Explain L.A.
Stay Connected

Share This

This is an archival story that predates current editorial management.

This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.


Ouch! 2nd Quarter in a Row with Steep Economic Decline

Stories like these are only possible with your help!
You have the power to keep local news strong for the coming months. Your financial support today keeps our reporters ready to meet the needs of our city. Thank you for investing in your community.

New York Times says it best: "The gross domestic product shrank at an annual rate of 6.1 percent from January through March after a 6.3 percent decline in the fourth quarter of 2008. Not since 1958 have Americans experienced such a sharp contraction over six months." Basically, companies are just not buying. Is there a silver lining? "But on Wall Street, investors barely flinched at the worse-than-expected decline in economic output. Stock markets rallied 2 percent in midday trading as two big media and entertainment companies beat earnings expectations and analysts upgraded their outlook on bank profits."