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Economy Shrank Last Quarter

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I N T H E N E W S;Economy Shrank Last Quarter;WASHINGTON?Signaling what could be the start of a prolonged recession, the government;said Thursday that the U.S. economy shrank in the July?September quarter as consumers;slashed spending and businesses pulled back.;The Commerce Department said gross domestic product, the broadest measure of goods;and services produced in the USA, fell at a 0.3% annual rate in the third quarter. Consumer;spending, two-thirds of economic activity, plummeted at a 3.1% rate?the steepest fall since;1980. The overall decline was the worst since the 2001 recession.

 

Paper#31539 | Written in 18-Jul-2015

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