US GDP Shrank 3.8% Last Quarter, Most Since 1982 - Bloomberg

By Timothy R. Homan Jan. 30 (Bloomberg) -- The U.S. economy shrank the mostsince 1982 in the fourth quarter as consumer spending recordedthe worst slide in the postwar era, a trajectory that’s likely tocontinue in coming months.

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The 3.8 percent annual pace of contraction in the finalthree months of last year was less than forecast, with a buildupof unsold goods cushioning the blow. Without the jump ininventories, the decline would have been 5.1 percent, theCommerce Department said today in Washington. “It looks like the economy carried a lot of negativemomentum into the first quarter,” former Federal ReserveGovernor Laurence Meyer said in an interview with BloombergTelevision.

Full Story: US GDP Shrank 3.8% Last Quarter, Most Since 1982 - Bloomberg