The US economy has edged ever nearer to recession after recording negative growth of 0.3 per cent for the three months to September.
This was an abrupt reversal after growth of 2.8 per cent in the three months prior.
The main contributor to the slow down was a slump in consumer spending of 3.1 per cent, annually. This marked the first contraction to consumer spending since 1991.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
To fall into recession America will technically need to record two quarters of negative growth however economists are more than certain data for the fourth quarter will confirm the country is already in recession.
Published: 31-10-08
Today's other news
- ANZ pulls 80pc LVR low docs
- Credit growth picks up in September
- New home sales recovery on horizon
- Seventy per cent of mortgage industry fears further downturn
- Government says banks can help ease liquidity problems
- Slow-down normal, outlook positive: RBA
