US Economy Shrinks at Great Rate
Friday, January 30, 2009 10:14
Americans have stopped spending on everything but key items like food and petrol.
Between October and December, consumer spending, which measures how much Americans purchase of things ranging from household goods to services, dropped by an annual rate of 3.5%. As a result, in the final quarter of 2008, the world’s biggest economy—the economy of US shrank at its fastest rate since 1982.
According to official data published today by the US Commerce Department, between October and December, the US economy droped at an annual rate of 3.8%. Today’s figures indicate that the deteriorating rate of the US economy is increasing fast. Though the US economy declined at the fastest rate for 26 years, the fall was still less severe than many on Wall Street had expected.
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