GDP sinks 0.3% in one quater
October 30, 2008 – 10:48 amHighlights of the latest Commerce Department’s report on the state of the economy:
- Investments in housing dropped 19.1%, the 11th consecutive quarterly decline.
- Housing subtracted 0.7 of a percentage point from growth, while the change in inventories added 0.6 of a point to growth.
- Government spending increased 5.8%, adding 1.2 percentage points to growth. Federal spending jumped 13.8%, including an 18.1% increase in defense spending, the biggest growth in five years. Spending by state and local governments rose 1.4%.
