U.S. economy slides on decreased investment, spending

10/31/2008 | Reuters

The U.S. economy contracted in the third quarter to a 0.3% annual rate of growth, the most drastic slump the country has seen in seven years. Contributing factors include decreased consumer spending and lower business investment. "The mortgage meltdown is far from over; the economy and financial markets are still reeling from it," said Janet Yellen, president of the Federal Reserve Bank of San Francisco.

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