Economy Shrinks for 1st Time Since 2009

Unexpected GDP drop comes as defense spending slumps

By Kate Seamons,  Newser Staff

Posted Jan 30, 2013 7:52 AM CST

(Newser) – As "firsts" go, this is an unfortunate one: The US economy contracted in Q4, marking the first time it has done so since the recession ended. The AP reports that the biggest cut in defense spending in four decades, reduced exports, and sluggish growth...   Read full story »

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