U.S. economy shrinks 0.1% in fourth quarter
Posted: January 30, 2013 at 8:26 a.m.
The U.S. economy unexpectedly shrank for the first time since 2009 in the October through December quarter, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles.
The drop in gross domestic product occurred despite stronger consumer spending and business investment.
The Commerce Department said Wednesday that the economy contracted at an annual rate of 0.1 percent in the fourth quarter.
That was a sharp slowdown from the 3.1 percent growth rate in the July-September quarter.
Read tomorrow's Arkansas Democrat-Gazette for full details.
(Advertisement)
« Previous Story
Storms Cause Wind Damage, Power Outages
A line of severe storms caused wind damage to about 40 homes in Elkins on Tuesday afternoon. Orvetta Cox of 1... Read »
Next Story »
Four plead not guilty to deadly beating
Four Prairie Grove residents facing murder charges related to the death of 48-year-old Ronnie Lee Bradley pleaded not guilty Wednesday in Washington County Circuit Court. ... Read »
Comments
To report abuse or misuse of this area please hit the "Suggest Removal" link in the comment to alert our online managers. Please read our comment policy.
Use the comment form below to begin a discussion about this content.
Registration is required to make comments. Click here to LOGIN.
You can register for FREE to post comments and receive alerts.