REUTERS: WASHINGTON - The U.S. economy contracted at its sharpest rate since early 1982 in the fourth quarter, revised data showed on Friday, as exports plunged and consumers cut spending by the most in more than 28 years.
The Commerce Department said gross domestic product, which measures the total output of goods and services within U.S. borders, shrank at a revised annual rate of 6.2 percent in the October-December quarter, much steeper than the 3.8 percent fall estimated last month.
The weaker GDP estimate reflected downward revisions to inventories and exports by the department.
U.S. stock index futures extended losses after the report, and the dollar fell against the yen. U.S. government debt prices were steady at higher levels.
"It's just doom all over. There's nothing good to take away from this report. I think there's a few more bad quarters to come," said Boris Schlossberg, director of currency research at GFT Forex in New York.
Prospects for the first quarter are equally bleak with data so far pointing to an acceleration in the economic downturn, now in its 14th month. >>> By Lucia Mutikani | Friday, February 27, 2009
THE GUARDIAN:
US Economy Shrinks at Worst Pace in 25 Years: Dow plunges over 100 points in early trading as commerce department says US gross domestic contracted at 6.25% >>> Daniel Nasaw in Washington | Friday, February 27, 2009
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