US economy slumps
Published:Friday | January 30, 2009 | 1:39 PM
US economic output reportedly fell 3.8 percent in the last three months of 2008 making it the worst quarterly contraction in more than 26 years.
Official figures have shown that it was much steeper than the .5 percent fall between August and October.
It is also the first time that the US has seen consecutive quarterly economic declines since 1991.
The latest sign of the worsening US recession comes as President Obama\'s stimulus plan passes through Congress.
It’s reported that more US workers lost their jobs in 2008 than any year since World War II.
The Commerce Department says during 2008 the US economy grew just 1.3 percent down from 2 percent in 2007.