WASHINGTON -- The nation's gross domestic product fell 0.3% during the second quarter, the Commerce Department reported today.
The department attributes the GDP drop to factors such as decreases in consumer spending and cuts in imports. The GDP did not decline more because of increases in government spending and some increases in inventory investment, according to the department's analysis.
The GDP is the measure of the nation's total output of goods and services. Today's result was the weakest since the third quarter of 2001, when terrorists attacked the United States on 9/11.
The price index for personal consumption expenditures rose by 5.4% after increasing 4.3% in the second quarter.
Exports increased 5.9% in the third quarter, down from a 12.3% rise in the second quarter. Imports fell 1.9% during the third quarter, compared with a 7.3% drop during the second quarter.
During the first three months of 2008, GDP grew 0.9% and it grew 2.8% in the second quarter.
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