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U.S. Economy Contracts On Weak Spending 2008-10-30 16:06:55 (97 weeks ago) Posted By: Intellpuke (Read 311 times || 0 comments) The U.S. gross domestic product (GDP) - driven largely by consumer spending - shrank, but not as much as expected. Still, economists predict things will get worse before they get better. Consumers cinched their belts sharply in the last few months, curbing spending and driving economic growth into negative territory, the deepest decline since 2001, the government reported Thursday. Gross domestic product shrank by 0.3% in the third quarter, a sharp reversal from the 2.8% increase recorded in the second quarter, said the Commerce Department. In total, personal consumption declined 3.1% in the three months ending Sept. 30. It was the first time since 1991 that consumer spending actually dropped, and the biggest decline since 1980. The belt-tightening was led by a 14.1% drop in consumer spending on big-ticket items like cars and appliances and a 6.4% decline in smaller purchases. Roughly 70% of GDP is driven by spending at the consumer level. (story continues below) Your Ad Here Make a donation today to remove the advertisments! This Story Has Been Archived. To read the full story in the archives, please make a donation. Log In Now Admin Functions Edit Story Email To A Friend Email this story to a friend: Your Name: Their Email:   Related Stories (βeta) U.S. Recession Deepens As GDP Shrinks 6.2 Percent In Last Quarter 2009-02-27 12:19:22 (Score: 55) U.S. Consumers Reeling Over Fuel Hikes 2005-09-30 17:34:20 (Score: 53) U.S. Economy Contracts 6.1 Percent In 1st Quarter 2009-04-29 15:50:42 (Score: 52) U.S. Gross Domestic Product Rose At 3.5 Percent In Third Quarter 2009-10-29 18:10:30 (Score: 51) 'Stagflation' Fears As Dollar Drops To New Low Against Euro 2007-04-28 19:45:42 (Score: 49) U.S. Consumer Credit Falls By Record Amount In November 2009-01-09 16:57:10 (Score: 47) U.S. Construction Drop Hits 14-Year High 2008-03-05 03:39:16 (Score: 46) Canadian Economy Will Shrink More Than Thought 2009-04-06 16:41:02 (Score: 45) U.S. Economic Indicators Keep Pointing Down 2008-12-24 16:33:52 (Score: 45) In U.S., September Consumer Spending Fell 0.3 Percent 2008-10-31 17:05:30 (Score: 42) U.S. Economy Slows Sharply, Inflation Increases 2006-07-28 13:30:15 (Score: 42) Japanese Economy Officially In Recession 2005-02-17 16:45:14 (Score: 40) U.S. Economy Limps In First Quarter 2007-06-28 15:14:23 (Score: 40) Higher Oil Prices Cause Sluggish U.S. Economy 2005-04-29 03:29:51 (Score: 39) Spain Still Mired In Recession As Economy Shrinks More Than Expected 2009-08-14 17:46:10 (Score: 39)   Readers Comments Add your own comment. (Anonymous commenting now enabled.)

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