Final sales to domestic purchasers fell 1.8%, the largest decline in 17 years. Consumer spending dropped 3.1%, the first decline in 17 years and the biggest drop in 28 years, while business investment fell 1%. Investments in homes fell for the 11th straight quarter.
After getting a big boost from the tax rebates in the second quarter, inflation-adjusted after-tax incomes fell 8.7%, the largest quarterly decline since the record-keeping began in 1947. Incomes fell much more in the Great Depression, when annual records were kept.
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