Economy Tumbles

The U.S. economy shrank at an annualized rate of 3.8% in the fourth quarter of 2008, following a 0.5% drop in the third quarter. Business investment in the quarter fell 19.1%, spending on new homes tumbled 27.8%, and consumption dropped 3.5%. Expenditures on durables fell 22%, while spending on nondurables slid 7.1% The GDP was propped up by a sharp upswing in inventory investment and a 5.8% gain in federal government spending. The inventory turnaround is temporary, however, analysts say. As demand continues to falter, business firms are likely to reduce...

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