(November 25, 2008)--The economy’s tumble this summer was worse than first thought as American consumers throttled back their spending by the most in 28 years, according to an updated reading from the Commerce Department is further proof the country is almost certainly in the throes of a painful recession.
The report shows the gross domestic product shrank at a 0.5 percent annual rate in the July-September quarter, which was weaker than the 0.3 percent rate of decline first estimated a month ago, and marked the worst showing since the economy contracted at a 1.4 percent pace in the third quarter of 2001, when the nation was suffering through its last recession.
GDP measures the value of all goods and services produced within the U.S. and it is considered the best barometer of the country's economic fitness.
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