For the first time since the Great Recession, the nation's gross domestic product contracted in the fourth quarter, declining 0.1% and falling well short of expectations, the Commerce Department said Wednesday.
GDP, the broadest measure of the nation's economic health, had climbed 3.1% in the third quarter. The consensus for Q4 GDP was 1% growth.
The first decrease in GDP in 3 1/2 years resulted largely from a steep decline in military spending with sequestration looming and lower company inventories as businesses...
gross domestic product growth rate definition