US GDP falls at fastest rate since 1982

The United States has seen GDP shrink at the fastest rate since 1982 as the onset of the global recession takes hold. US GDP fell to an annualised rate of 6.2% in the fourth quarter of last year, well below the first estimate of a 3.8% drop. The fall was blamed on slumps in both business inventory and in consumer spending, which dropped at a rate of 4.3% in the fourth quarter, the biggest decline since 1980. Financial Times 28/02/09 (News) p1 The Times 28/02/09 (Business) p54 The Daily Telegraph 28/02/09 (Business) p29 The Guardian 28/02/09 (Financial) p35