Economy Shrank at Slower Pace in 1Q Than Previously Thought
Despite a slight upgrade from a prior government report, the economy shrank at a drastic pace in the 1Q, but many analysts note that the economy is not contracting as much now and that the worst is over. The Commerce Department reported that the nation's gross domestic product fell at an annual rate of 5.7%, slightly better than its previous estimate of a 6.1% drop. That followed an even bigger decline in the 4Q, when the economy shrank at a 6.3% annual rate, the biggest drop in a quarter century. The recession, which started in December 2007 and is now the longest since World War II, has resulted in 5.7 million job losses, the decline of banks and other financial institutions, a spike in home foreclosures and a severe drop in consumer spending. Much of the weakness in the 1Q came from severe spending cuts at the nation's businesses on equipment and other things. Consumer spending actually grew at a 1.5% pace - down from the 2.2% pace previously estimated – which was a big improvement from the 4Q. Economists are hopeful that the economy isn't shrinking nearly as much in the current 2Q as the recession eases its grip. Forecasters at the National Association for Business Economics, predict the economy will contract at a 1.8% annual rate in the 2Q.
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Date Last Updated: 06/03/2009
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Charter Capital services many industries. Here are just a few of the industries
we are currently financing:
Trucking and Freight
It has never been easier for trucking companies and freight brokers to get cash
with Freight Factoring from Charter Capital. We purchase your Freight Invoices
and fund you within 24 hours, so you don't have to wait to get paid.
Staffing Firms
We can help you grow your staffing company with unlimited payroll funding ,
whether you're a start up or a multi-million dollar
temp-staffing agency. Our
clients provide staffing for various industries including Professional, Office
Services, Medical, and Manufacturing.
Security Firms
Demand for security services in the USA is on the rise. Be financially prepared
to gain your share with a FactorLine facility only from Charter Capital.
Manufacturing
If your business is a manufacturing plant, distributor,
packaging company, or
any business that invoices to credit worthy customers, then a FactorLine from
Charter Capital can accommodate the working capital funding needs of both new
manufacturing companies as well as those that have been around for years.
Technology Staffing Firms
Service providers such as technology
consulting and staffing firms are great candidates for our FactorLine accounts receivable
funding service, enabling you to increase your cash flow without the need
for bank loans. We are always adding new industries and will consider factoring
service providers in any industry.
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