GDP Shrank 6.2% in 4th Quarter, Deeper Than First Thought
WASHINGTON -- The U.S. recession deepened a lot more in late 2008 than first reported, according to government data showing a big revision down because businesses cut supplies to adjust for shriveling demand.
Gross domestic product decreased at a seasonally adjusted 6.2% annual rate October through December, the Commerce Department said Friday in a new, revised estimate of fourth-quarter GDP.
The 6.2% decline meant the worst quarterly showing for GDP since a 6.4% decrease in first-quarter 1982 GDP.
In its original estimate, issued a month ago, the government had reported fourth-quarter 2008 GDP fell 3.8%.
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