WASHINGTON: The US economy contracted at the fastest pace since 1982, a 3.8 percent rate of decline. The decline in fourth-quarter gross domestic product (GDP) as estimated by the Commerce Department marked a sharp downward acceleration in economic activity after a 0.5 percent drop in the third quarter. Christina Romer, chair of President Barack Obama’s Council of Economic Advisors, warned the recession had spread to all sectors of the economy and highlights the need for a quick stimulus plan. “This widespread decline emphasizes that the problems that began in our housing and financial sector have spread to nearly all areas of the economy,” Romer said in a statement.
By how much did annualized consumption decline in November of 2008 when GDP was $14 trillion?