Economic woes mount
Bad economic news continued to pile up this week, with reports issued showing unemployment, gross domestic product (GDP) and construction spending all taking turns for the worse.
Unemployment rose to 5.4%, the highest rate since 1996. This was even worse than analysts had anticipated. GDP sank 0.4%, confirming what many already assumed: that the U.S. economy is in recession. Construction spending, upon which a great deal of landscape construciton business is founded, also sank, albeit modestly.
When things might turn aroudn is, of course, open to speculation. Many economists predict an upturn in the second or third quarter of 2002.