Originally published October 31, 2008 at 12:00 AM | Page modified October 31, 2008 at 9:08 AM
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GDP report shows economy in retreat
Thursday's reading on third-quarter gross domestic product finally reflected the toll of the financial crisis on the economy. The Bureau of Economic...
The Associated Press
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Thursday's reading on third-quarter gross domestic product finally reflected the toll of the financial crisis on the economy.
The Bureau of Economic Analysis reported that GDP, the output of all the nation's goods and services, fell 0.3 percent, less than the 0.5 percent decline predicted by economists polled by Thomson Reuters. Consumer spending plunged 3.1 percent after growing for several quarters.
Export growth and government spending on defense remained important offsets, but exports could weaken in coming quarters.
Copyright © 2008 The Seattle Times Company
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