GDP Shows Surprise Drop for U.S. in Fourth QuarterSubmitted by emalvini on Wed, 01/30/2013 - 10:13
GDP Shows Surprise Drop for U.S. in Fourth Quarter
Published: Wednesday, 30 Jan 2013 | 8:11 AM ET
Getty Images The U.S. economy posted a stunning drop of 0.1 percent in the fourth quarter, defying expectations for slow growth and possibly providing incentive for more Federal Reserve stimulus.
The economy shrank from October through December for the first time since the recession ended, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles.
The Commerce Department said Wednesday that the economy contracted at an annual rate of 0.1 percent in the fourth quarter. That's a sharp slowdown from the 3.1 percent growth rate in the July-September quarter.
Read more: http://www.cnbc.com/id/100419252