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Article: U.S. Economy Slows to 0.7 Percent Rate
- Article from:
- AP Online
- Article date:
- January 30, 2003
- Author:
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Dateline: WASHINGTON
The U.S. economy slowed dramatically in the final quarter of last
year, growing at a annual rate of just 0.7 percent as consumers turned
cautious in the face of war worries, a rollercoaster stock market
and a stagnant job climate and increased their spending by the smallest
amount since 1993.
The meager rise in gross domestic product in the fourth quarter of
2002 came after the economy grew at a respectable 4 percent rate in
the third quarter, the Commerce Department reported Thursday.
GDP measures the total value of goods and services produced within
the United States and is considered the broadest barometer of the
economy's health.
The ...