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The American economy shrank at its fastest pace in over two decades during the fourth quarter of 2008, the US Commerce Department revealed today.
According to the department the United State’s GDP fell at an annualised rate of 6.3 per cent, the steepest decline since the first quarter of 1982.
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The bleak news coincided with a sharp contraction in corporate profits of 10.7 per cent in the same quarter. This was the worst result since 1994.
