Economy Shrinks on Weak Spending

The U.S. economy, weakened by the worst consumer spending in 28 years, contracted last summer, beginning a slump that some fear could turn into a deep recession.

Gross domestic product fell a seasonally adjusted 0.3% annual rate July through September, the Commerce Department said Thursday in the first estimate of third-quarter GDP.

The number marked the weakest GDP figure since a 1.4% decline in third-quarter 2001.

Read Full Article from Wall Street Journal

- Posted: 2008-10-30 08:36:04

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