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US economic growth slowed dramatically to a 0.6 percent annual pace in the fourth quarter of 2007 amid a worsening housing slump and a related credit squeeze, the government said Wednesday. Most
economists had only expected gross domestic product (GDP) growth to slow to around 1.2 percent during the last three months of 2007. Growth moderated abruptly from a 4.9 percent annualized pace in the third quarter, decelerating to its weakest rate since the end of 2002.The much weaker-than-expected reading for fourth quarter growth comes amid growing fears that the world's largest economy could be slipping into a recession.
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We really need to realize that they do not mean recession. They mean depression. There's no way Japan has had a 10 year recession. It goes against all definitions of depression! lol
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