Economic Skid Worse Than Feared
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WASHINGTON — The economy was even weaker than previously feared in the third quarter, and housing construction remained in dire straits last month, the government said today, confirming that the nation is heading into a recession.
The Commerce Department said the gross national product grew from July to September at an anemic 1.4% rate, compared with its previous estimate of 1.7%.
Many economists believe the GNP began to shrink this quarter and will continue to do so through the first quarter of next year.
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