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U.S. economy shrank by 0.5% in third quarter
San Francisco Business Times
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The U.S. economy shrank by 0.5 percent in the third quarter, federal data show -- the worst contraction since the recession of 2001.
Final data released Tuesday by the U.S. Commerce Department match previous estimates of the quarterly fall in gross domestic product. Corporate profits fell and consumer spending shrank in the quarter, which ended in September.
That was before the turmoil in financial markets hit its peak in October. Analysts expect a major economic contraction of as much as 6 percent in the current quarter, which ends Dec. 31.
In the second quarter, the economy grew by 2.8 percent.
Consumer spending, which accounts for more than two-thirds of GSP, decreased by 3.8 percent in the third quarter, the Commerce Department says. Corporate earnings declined as well, with profits after tax falling by 3.2 percent.
Early estimates of fourth-quarter GDP are set to be released in ab
San Francisco Business Times
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The U.S. economy shrank by 0.5 percent in the third quarter, federal data show -- the worst contraction since the recession of 2001.
Final data released Tuesday by the U.S. Commerce Department match previous estimates of the quarterly fall in gross domestic product. Corporate profits fell and consumer spending shrank in the quarter, which ended in September.
That was before the turmoil in financial markets hit its peak in October. Analysts expect a major economic contraction of as much as 6 percent in the current quarter, which ends Dec. 31.
In the second quarter, the economy grew by 2.8 percent.
Consumer spending, which accounts for more than two-thirds of GSP, decreased by 3.8 percent in the third quarter, the Commerce Department says. Corporate earnings declined as well, with profits after tax falling by 3.2 percent.
Early estimates of fourth-quarter GDP are set to be released in ab