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That Flushing Sound You Hear Is the Economy
Gross domestic product decreased at a seasonally adjusted 6.2% annual rate October through December, the Commerce Department reported in a new, revised estimate of fourth-quarter GDP. In its original estimate, issued a month ago, the government had reported fourth-quarter 2008 GDP fell 3.8%.
The sharply lower revision reflected adjustments downward of inventory investment, exports and consumer spending.
The 6.2% decline meant the worst quarterly showing for GDP since a 6.4% decrease in first-quarter 1982 GDP.
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