News
« Consumer Confidence Rattled In October | | Yohji Opens New Flagship In Paris »
October 30, 2008
U.S. GDP Tumbles In Third Quarter
U.S GDP contracted in the third quarter by 0.3%, driven by a steep decline in consumer spending which account for 70% of economic activity. The GDP dip was the first in 17 years and indicates that we entered a recession before the September financial crisis hit.
Economists are now predicting that GDP will drop by 4% in the last quarter of the year as consumers are hit with a credit crisis.
Posted by Blacks on October 30, 2008 11:42 AM
