Monday 12 July 2010

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During the Great Depression preceding the passage of the Social Security Act, "soup kitchens" provided the only meals some unemployed Americans had. This particular soup kitchen was sponsored by the Chicago gangster Al Capone. Photograh: Social Security Online

UK Recession Even Deeper Than First Thought

THE GUARDIAN: Six successive quarters of negative economic growth from spring 2008 until autumn 2009 were the toughest for the economy since the Great Depression of the 1930s

The deepest recession in Britain's post-war history was even more severe than previously feared, the government said today.

Fresh information collected by the Office for National Statistics showed that the peak to trough decline in output was 6.4% of gross domestic product rather than the original 6.2% estimate.

The new figures confirmed that the six successive quarters of negative growth from spring 2008 until autumn 2009 were the toughest for the economy since the Great Depression of the 1930s, harsher even than the slump of the early 1980s. Continue reading and comment >>> Larry Elliott, economics editor | Monday, July 12, 2010