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Revised Rate Shows G.D.P. Is Falling at a Faster Pace

By THE ASSOCIATED PRESS
Published: March 26, 2009

WASHINGTON (AP) — The economy shrank at a 6.3 percent pace at the
end of 2008, the worst showing in a quarter-century, and probably is not
doing much better now.

The Commerce Department reported on Thursday that the economy was
sinking a bit faster than the 6.2 percent annualized drop for the October-December
quarter estimated a month ago.

Consumers are cutting back as unemployment rises, home values fall and investment
portfolios shrink, forcing companies to slash production and jobs. The negative forces
are affecting one another in a vicious cycle that has deepened the recession, now in
its second year...

http://www.nytimes.com/2009/03/27/bu...l?_r=1&ref=WRH