U.S. records negative 3rd quarter GDP

 The nation's economy decelerated even more in the third quarter than preliminary estimates showed less than a month ago.

   The real gross domestic product decreased at an annual rate of 0.5 percent, according to figures released today by the Commerce Department. An estimate on Oct. 30 showed the economy contracted by 0.3 percent.

   In the second quarter, productivity increased 2.8 percent.

   One of the contributors to the economic decline was a sharp drop in exports, the department said.

   Real exports of goods and services increased 3.4 percent in the third quarter, compared with an increase of 12.3 percent in the second. Real imports of goods and services decreased 3.2 percent, compared with a decrease of 7.3 percent. 

Source: American Shipper