The government says the economy took a tumble in the summer that was worse than first thought as American consumers throttled back their spending by the most in 28 years.
It was further proof the country is almost certainly in the throes of a painful recession.
The Commerce Department’s updated reading on the economy’s performance showed gross domestic product shrank at a 0.5 percent annual rate in the July-September quarter. That was deeper than the 0.3 percent rate of decline first reported.
Tuesday, November 25, 2008
No big surprise here but it's not very good news. AP: