U.S. economy shrinks for second time in a year, survey shows

10/27/2008 | Bloomberg

GDP in the U.S. contracted at a 0.5% annual rate from July to September, the biggest drop since 2001, according to data from a Bloomberg News survey published ahead of the Commerce Department's scheduled report Thursday. The survey points to the likelihood that consumer spending, the biggest part of the economy, dropped by the greatest amount in nearly two decades.

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