December 23, 2008
Economy Contracts 0.5% In 3Q
By Matthew L. Brown
The nation's gross domestic product (GDP) declined by 0.5 percent in the third quarter, according to the U.S. Department of Commerce.
GDP increased by 2.8 percent in the second quarter. The 0.5 percent drop is the largest since GDP contracted by 1.4 percent in the third quarter of 2001.
The Commerce Department said the contraction was the result of decreased consumer spending and was partially offset by increased exports, commercial real estate, federal and state government spending.
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