Consumer spending nosedives in Q4
February 27, 2009,
Washington – The U.S. Commerce Department reported today that “real gross domestic purchases,” a major component of the Gross Domestic Product, fell by 5.6% in the fourth quarter of 2008, compared to a 1.5% decrease in the third quarter.
In related components, Commerce said Q4 “real personal consumption expenditures” fell 4.3%, following a 3.8% decrease in Q3; and imports of goods and services decreased 16.0%, following a 3.5% decrease in Q3.
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