Economists Say Contraction in U.S. Q3 GDP Confirms Recession
October 30, 2008 – 5:04 amU.S. Gross Domestic Product was slightly better than the market consensus, but economists' reactions were far from optimistic following the report. Most analysts, if not all, are expecting the fourth quarter to be worse than Q3, with some revising their forecasts downwards on Thursday morning.
The advance GDP report showed the U.S. economy contract by 0.3% in Q3, against expectations of a 0.5% decline, according to the Bureau of Economic Analysis. The previous month's 2.8% growth was unrevised.
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