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07-31-2009, 05:11 PM #1
Recession worse than prior estimates, revisions show
Bob Willis
Bloomberg
July 31, 2009
The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.
The world’s largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said today in Washington.
[u][b]“The current downturn beginning in 2008 is more pronounced,â€
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