The U.S. economy contracted 0.5% in the third quarter, the Commerce Department said Tuesday in its final of three estimates.
The contraction in the gross domestic product — the biggest downturn since 2001 recession — followed a 2.8% growth rate in the second quarter.
Commerce last month estimated a 0.5% contraction, and economists’ estimates ranged from a 0.4% downturn to a 0.8% decline, Bloomberg reported.
Consumer spending, the biggest part of the economy, fell at a revised 3.8% annual rate, up from the 3.7% estimated last month. It marked the first decline since 1991 and the biggest downturn since 1980.
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