2 of 5
BACKNEXT
Economic Growth: Slumping
Gross domestic product - or GDP - is the broadest measure of the nation's economic growth and the government takes its pulse three times each quarter.

In the third quarter, GDP declined at an annual rate of 0.5%, according to the second reading for that period.

The economy took a huge hit from a pullback in consumer spending, which was down 3.7%, the biggest drop in 28 years. Spending by individuals, rather than businesses or the government, accounts for about 70% of the nation's economic activity.

Early readings on spending in October suggest that spending and the economy as a whole will be even weaker in the fourth quarter, hit by tight credit, rising job losses and low levels of consumer confidence.

NEXT: Jobs: Labor pains
Last updated December 08 2008: 12:48 PM ET
More Galleries
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More

Special Offer

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.