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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56767)	12/1/2001 9:45:38 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

U.S. economy shrinks 1.1% November 30, 2001: 2:06 p.m. ET Revised 3Q GDP weaker in worst performance since 1Q of 1991. money.cnn.com NEW YORK (CNN/Money) - The U.S. economy shrank at a faster pace in the third quarter than initially thought, the government said Friday, as the world's largest economy put in its worst performance since the last recession more than a decade ago. U.S. gross domestic product (GDP), the broadest measure of the economy, contracted at a revised 1.1 percent annual rate in the third quarter, the Commerce Department reported. It was the worst quarter for GDP since it shrank 2.0 percent in the first quarter of 1991. In its initial estimate of third-quarter GDP, the department said the economy shrank at a 0.4 percent rate after expanding 0.3 percent in the second quarter. Economists surveyed by Briefing.com expected third-quarter GDP to have shrunk by 0.8 percent. "These numbers show the economy is indeed in recession, and they leave the door open for the Fed to cut rates again," Gary Thayer, chief economist at A.G. Edwards & Sons, told Reuters.