by Calculated Risk on 10/15/2008 04:16:00 PM

Dow off 7.9%

S&P 500 off 8.5%

NASDAQ off 9.0%

The recession is deepening (and was deepening before the most recent wave of the credit crisis). And there is no significant sign of improvement in the credit markets. All the economic news will be bad for some time ... and after the September retail report this morning, I expect Q3 PCE (to be released Oct 30th) to be strongly negative - and GDP to decline too.