US Economy Shrinks at Faster Rate Than Expected

Circuit City customers walk in and out of a store advertising major markdowns in San Jose, California, 26 Jan. 2009 (image left-Circuit City customers walk in and out of a store advertising major markdowns in San Jose, California, 26 Jan. 2009)

WASHINGTON (RushPRnews) 02/27/09-The U.S. economy shrank at an even faster rate than first estimated in the last three months of 2008, in the worst quarterly performance since 1982.

Friday’s report from the Commerce Department said the U.S. gross domestic product shrank at a 6.2 percent annual pace during the fourth quarter.

Experts previously estimated the world’s largest economy was getting smaller at a 3.8 percent annual pace as consumer spending plunged and exports sank.

The new figures are part of a routine update made as experts get more complete data.