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By Glenn Somerville
WASHINGTON (Reuters) - The U.S. economy slowed abruptly in the fourth quarter as consumers curbed spending and homebuilding plunged, according to a government report on Wednesday that kept fears of recession alive.
The Commerce Department said gross domestic product, a measure of total goods and services output within U.S. borders, grew at an annual rate of 0.6 percent in the fourth quarter. The economy expanded 2.2 percent in 2007, the slowest in five years.
"No question, the GDP number tells us the economy is on the brink of recession, if not in one already," said Peter Boockvar, an equity strategist with Miller Tabak & Co. in New York.
http://www.reuters.com/article/busin...e=businessNews
WASHINGTON (Reuters) - The U.S. economy slowed abruptly in the fourth quarter as consumers curbed spending and homebuilding plunged, according to a government report on Wednesday that kept fears of recession alive.
The Commerce Department said gross domestic product, a measure of total goods and services output within U.S. borders, grew at an annual rate of 0.6 percent in the fourth quarter. The economy expanded 2.2 percent in 2007, the slowest in five years.
"No question, the GDP number tells us the economy is on the brink of recession, if not in one already," said Peter Boockvar, an equity strategist with Miller Tabak & Co. in New York.
http://www.reuters.com/article/busin...e=businessNews