US economic output falls sharply
31-01-2009
The latest figures from the United States show the country's economic output fell 3.8 percent in the last three months of 2008, the worst quarterly contraction in more than 26 years. The decline marked a sharp downward movement in economic activity after a 0.5 percent decline in the third quarter. But the figure was not as bad as feared, with analysts on average predicting a 5.5 percent annualized drop in gross domestic product. The latest Commerce Department figures come as President Obama's stimulus package is passing through Congress.
