TIMES ONLINE: Americans stop spending on all but essential items and world's biggest economy contracts at 3.8% in final quarter
The US economy shrank at its fastest rate since 1982 in the final quarter of 2008 as Americans stopped spending on all but essential items, such as food and petrol.
The world's biggest economy contracted at an annual rate of 3.8 per cent between October and December, according to official data published today by the US Commerce Department.
Consumer spending, which measures how much Americans purchase on everything from household goods to services, dropped by an annual rate of 3.5 per cent between October and December. >>> Suzy Jagger in New York | Friday, January 30, 2009
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