WASHINGTON – The gross domestic product fell .5% during the third quarter, compared with a 2.8% increase during the second three months of 2008, the Commerce Department announced today.
The drop was largely fueled by declines in consumer spending and a decreased rate of increase of exports, the department said.
Personal consumption expenditures fell 3.7%, compared to a 1.2% rise during the second quarter.
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Exports rose 3.4%, compared with a 12.3% rise during the second quarter.
Imports fell 3.2%. During the second quarter they fell 7.3%.
Consumers also paid more for many products. The price index for gross domestic purchases rose 4.7%, compared with a 4.2% rise during the second quarter. Excluding food and energy, the index rose 3%.
Residential fixed investment, which includes housing spending, fell 17.6%, compared with 13.3% in the second quarter. Business outlays fell 1.5%, compared with 2.5% in the second quarter.
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