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U.S. economy took an unexpected dip in fourth quarter VIDEO
The U.S. economy contracted by 0.1 percent in the fourth quarter of 2012, the first decline since the recession ended in June 2009, according to the U.S. Bureau of Economic Analysis.
The downturn reflected reductions in private inventory investment, federal government spending and exports, and followed a 3.1 percent increase in GDP in the third quarter, the government said.
For 2012, the U.S. economy grew at a 2.2 percent rate, up from 1.8 percent in 2011.
Consumer spending grew by 2.2 percent…
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