U.S. economic data raise probability of deeper recession

11/26/2008 | Reuters

In the third quarter, the U.S. economy shrank at its quickest pace in seven years as consumer spending hit a 28-year low, according to recent data. U.S. home prices continued to fall, and corporate profits fell for a second consecutive quarter. "We are in the early stages of one of the worst recessions in the postwar period, even factoring in a massive stimulus program," said Nariman Behravesh, chief economist at IHS Global Insight.

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