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China Daily | Updated: 2009-03-27 07:45

US economy down 6.3%

The US economy shrank in the fourth quarter more than previously estimated, leading to the biggest plunge in corporate earnings in a half century and underscoring why companies are slashing payrolls this year.

Gross domestic product contracted at a 6.3 percent annual rate from October to December, the weakest since 1982, the Commerce Department said yesterday in Washington. Profits dropped 16.5 percent from the prior quarter, the most since 1953.

IN BRIEF (Page 17)

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