Business Update: Economic slump

Gross domestic product, commonly called GDP, the broadest measure of business activity, tumbled 3.8 percent at the end of last year as consumer spending fell off the cliff, leaving manufacturers with a massive build of extra products. Economists predict more layoffs will be announced as a result. Speaker: Stephen Gallagher, U.S. chief economist, Societe Generale Conway Gittens reports from New York.

Reuters | January 30, 2009

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