January 30, 2013

U.S. economy unexpectedly shrank in 4Q

The U.S. economy contracted slightly in the final months of 2012, as defense spending plummeted and businesses depleted their inventories, in a surprising development that could give hints of the economic challenges to come.

Wednesday afternoon, after completing their first policy meeting of the year, Federal Reserve leaders signaled that they saw the decline not as indicative of some bigger downturn in the economy. Read more.

The Washington Post

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