U.S. economy takes surprising downturn in 4th quarter

01/30/2013 | Wall Street Journal, The · Bloomberg

The U.S. economy shrank at an annual rate of 0.1% in the fourth quarter, a result that surprised economists who had predicted 1% growth but reflected the effects of Hurricane Sandy and a government and private-sector spending pullback in anticipation of January's "fiscal cliff." It marked the first decline in GDP since the end of the recession that launched the ongoing economic malaise. Analysts believe, however, that the economy remains resilient, with fundamentals still basically sound.

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Wall Street Journal, The · Bloomberg

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