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United States Economy Shrinks 3.8% in 4Q, More Pain Ahead
The U.S. economy shrank 3.8% – less than forecast – but still the biggest gross domestic product (GDP) slide since 1982.
For 2008, GDP rose 1.3%, the slowest pace since 2001’s 0.8% growth.
Most of the grim indicators of the third quarter – during which the economy shrank by 0.5% — deepened in the fourth. The largest contributors to the downturn were a continued fall in exports and a much larger decrease in equipment and software.
The most notable offset was a much larger decrease in imports, which increased inventories. Without such, GDP would have fallen a frightening 5.1%.
Overall…
30Jan2009 | Money Morning | 0 comments | Continued
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