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Economy Tumbled Even Worse Than Expected This Summer

By: Associated Press
By: Associated Press

The government says the economy took a tumble in the summer that was worse than first thought as American consumers throttled back their spending by the most in 28 years.

It was further proof the country is almost certainly in the throes of a painful recession.

The Commerce Department's updated reading on the economy's performance showed gross domestic product shrank at a 0.5 percent annual rate in the July-September quarter. That was deeper than the 0.3 percent rate of decline first reported.


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