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US economy on verge of recession

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10-31-2008, 03:54 AM

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US economy on verge of recession

The world’s largest economy is officially on the verge of recession after figures from the Commerce Department show that the economy shrank at an annual rate of 0.3% in the three months to September. The fall follows growth of 2.8% in the previous quarter.Meanwhile, consumer spending, which accounts for about 70% of the US economy, [...]

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