WASHINGTON — The Commerce Department said today that its initial estimate that the gross domestic product would fall 0.5% during the third quarter, compared with a 2.8% increase during the second three months of 2008, was accurate.
The drop was largely fueled by declines in consumer spending and a decreased rate of growth in exports, the department said.
Personal consumption expenditures fell 3.8%, compared to a 1.2% rise during the second quarter.
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