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February 27, 2009
Gulp: Economy Shrank 6.2% Annualized in Last Quarter of 2008
That's sharply up from the previous estimate of 3.8%.
A much sharper cutback in consumer spending which accounts for about 70 percent of economic activity along with a bigger drop in U.S. exports sales, and reductions in business spending and inventories all contributed to the largest revision on records dating to 1976.