GDP takes plunge in fourth quarter
The U.S. Commerce Department reported that Gross Domestic Product contracted 6.2 percent during the fourth quarter, the economy’s worst quarterly performance since 1982. Consumer spending, which comprises about 70 percent of the economy, dropped more in a single quarter than it has in 28 years. Companies also trimmed spending, with business investment dropping in the fourth quarter at a 21 percent annualized rate. Spending on equipment and software dropped at an annualized rate of 29 percent, the biggest quarterly drop since 1958. Home construction was . . .
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