Abstract: Real GDP decreased at an annualized rate of 0.3 percent in the third quarter, slightly above expectations. Much of the decrease was due to a dramatic drop in consumption and a decrease in investments. Personal consumption expenditures decreased 3.1 percent in the third quarter, their largest decrease since the second quarter of 1980. Even worse, spending on nondurable goods fell 6.5 percent during the quarter, its largest decrease since the fourth quarter of 1950.
Publication Year: 2008
Publication Date: 2008-11-03
Language: en
Type: article
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