US Economy Worse Than Thought

The worlds largest economy tumbled in the last quarter, by far the worst decline in at least 7 years.

Gross Domestic Product fell some .5% in the three months ending September, figures show. That compares to GDP growth of 3% the previous quarter. The US economy is indeed in a very bad recession.

The third quarter drop was the biggest for the economy since a 1.4% decline in the third quarter of 2001, the last full quarter that the U.S. economy was judged to be in a recession, money.com reported.