Originally published by the Voice of America (www.voanews.com).
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February 27, 2009

US Economy Shrinks at Faster Rate Than Expected
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http://enews.voanews.com/t?ctl=2291178:A6F02AD83191E16037EB617A426BDE3E7F0EB4B66EA3A89D&
 
Commerce Department report says US gross domestic product shrank at 6.2
percent annual pace during fourth quarter 
Circuit City customers walk in and out of a store advertising major
markdowns in San Jose, California, 26 Jan. 2009The U.S. economy shrank
at an even faster rate than first estimated in the last three months of
2008, in the worst quarterly performance since 1982.Friday's report from
the Commerce Department said the U.S. gross domestic product shrank at a
6.2 percent annual pace during the fourth quarter. Experts previously
estimated the world's largest economy was getting smaller at a 3.8
percent annual pace as consumer spending plunged and exports sank. The
new figures are part of a routine update made as experts get more
complete data. The grim data is also hurting consumer confidence. A
Reuters/University of Michigan survey finds U.S. consumer confidence
fell in February to a three-month low. Reuters reports consumers who
were surveyed said they have no reason to believe the economy will
recover this year. The survey also found two-thirds of U.S. consumers
think it will be at least five years before the economy makes a full
recovery.

Some information for this report was provided by AFP and AP.


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