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It has so far avoided the outright contraction that typically marks a recession.
The pace of growth is falling and is perilously close to outright contraction.
The IMF forecasts growth of just 0.2% in 2009; plenty of economists expect an outright contraction.
Separate data from the Conference Board, a private industry group, suggested the economy had so far avoided an outright contraction.
The result would be a long period of tight lending and of subpar economic growth, if not outright contraction.
"Outright contraction in G.D.P. in the first half of the year is well within the range of possible outcomes".
Similar(38)
Outright contractions in GDP in Italy and, more worryingly, France throw the protracted nature of Europe's downturn into sharp relief - particularly at a time when Spain's economy is at least showing some signs of life.
Growth in the eurozone stagnated between April and June, and dire economic data since then – including Germany's worst plunge in exports for five years – has left the bloc on the brink of outright economic contraction in the current quarter.
The attacks guarantee contraction, forecasters say, leading to an outright recession if the downturn continues through Christmas.
As Jesse Eisinger, a reporter for ProPublica, explains in a new book, "The Chickenshit Club: Why the Justice Department Fails to Prosecute Executives" (Simon & Schuster), a financial crisis has traditionally been followed by a legal crackdown, because a market contraction reveals all the wishful accounting and outright fraud that were hidden when the going was good.
No doubt, some of this deposit contraction was actual deposit destruction (the result of outright Eurodollar asset sales and/or loan repayments).
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