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Wed Jan 30, 2013, 08:59 AM

 

US economy shrinks 0.1 pct., 1st time in 3 years [View all]

Source: Yahoo

WASHINGTON (AP) -- The U.S. economy shrank from October through December for the first time since the recession ended, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles.

The Commerce Department said Wednesday that the economy contracted at an annual rate of 0.1 percent in the fourth quarter. That's a sharp slowdown from the 3.1 percent growth rate in the July-September quarter.

The surprise contraction could raise fears about the economy's ability to handle tax increases that took effect in January and looming spending cuts.



Read more: http://finance.yahoo.com/news/us-economy-shrinks-0-1-133115372.html



On a positive note , GDP grew annually at a 2.2% rate.

Most economists define a "recession" as 2 or more successive quarters of negative growth in GDP. This quarter's -0.1% thus starts the counter ticking. Will the Rape-publi-scum Congress deliver the coup de grace in Q1 2013?

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Reply US economy shrinks 0.1 pct., 1st time in 3 years [View all]
coalition_unwilling Jan 2013 OP
Crowman1979 Jan 2013 #1
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Roland99 Jan 2013 #3
Crowman1979 Jan 2013 #4
Jeff In Milwaukee Jan 2013 #10
Shivering Jemmy Feb 2013 #51
TomCADem Jan 2013 #14
pampango Jan 2013 #15
Romulox Jan 2013 #19
pampango Jan 2013 #25
coalition_unwilling Jan 2013 #32
pampango Jan 2013 #34
JDPriestly Jan 2013 #38
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lib2DaBone Jan 2013 #5
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Swede Atlanta Jan 2013 #8
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coalition_unwilling Jan 2013 #24
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JDPriestly Jan 2013 #40
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coalition_unwilling Jan 2013 #28
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LeftInTX Jan 2013 #33
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pampango Feb 2013 #49
coalition_unwilling Feb 2013 #50