U.S. Economy Shrinks in Third Quarter

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The economy sees its largest contraction in seven years from July to September, according to GDP figures released Thursday. Consumer spending drops for the first time in 17 years.

The .3 percent annual decline was slightly better than the .5 percent economists predicted.

MCCAIN CAMP: “Barack Obama would accelerate this dangerous course…” Read full response.

OBAMA CAMP: “…It is a direct result of the Bush Administration’s trickle down, Wall Street first, Main Street last policies that John McCain has embraced…” Read full response.

Meanwhile, Exxon Mobil posts the largest quarterly profit ever — $14.83 billion.

Stocks higher in early trading.

Related Topics: News, The Page
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