GDP Shrinks 0.3 Percent As Consumer Spending Hits 28-Year Low

NEW YORK - OCTOBER 30: A man talks on the phone as he looks at neckties while shopping at a department store October 30, 2008 in New York City. According to reports the American economy shrank 0.3 percent during the third quarter. The decline was due in part to consumers cutting spending by the largest amount in 28 years, a strong signal that the country has fallen into recession. (Photo by Spencer Platt/Getty Images)

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