Consumer Prices DropReuters, 19-Nov-2008
Consumer prices dropped at the fastest rate on record and new home construction was at a record low, according to government reports that underlined how rapidly the economy was weakening.... Many economists think the U.S. economy already is in recession even though one has not yet been formally declared. A severe global credit crunch that has sapped demand for commodities and hurt consumers has already driven parts of Europe and Japan into recession.