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Fourth-Quarter GDP Shrank More than Previously Reported

U.S. gross domestic product (GDP) shrank at a seasonally adjusted 6.2 percent for the fourth quarter of 2008, the strongest decline since 1982, according to adjusted figures from the Department of Commerce. The original Commerce estimate, issued a month ago, showed a 3.8 percent decline. The new figure reflects downward adjustments in inventory investment, exports, and consumer spending. Earlier this week, the National Association of Business Economics issued a report predicting a 5.0 percent contraction in the first quarter of 2009 and a 1.7 percent drop in the second quarter.

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