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Recession Deepens as U.S. Economy Shrank 0.5% in Third Quarter
The U.S. economy shrank 0.5% in the third quarter, marking the slowing pace since 2001 and continuing a still deepening recession that has wrung the markets since last year.
Dana Saporta, an economist at Dresdner Kleinwort in New York, told Bloomberg projects a 5.4% overall contraction in the fourth quarter.
“Some of the factors that led to negative growth in the third quarter will be amplified this quarter,” Saporta said. “We have negative growth factored into our forecast through the first half” of 2009.
According to Commerce Department figures, consumer spending fell 3.8% in the third quarter, a sharp contrast from the…
25Dec2008 | Money Morning | 0 comments | Continued
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