SUMMARY
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The US economy unexpectedly shrinks in the fourth quarter of 2012, suffering its first decline since the 2007 to 2009 recession. Economists were expecting a 1.1 percent growth, but businesses scaled back on restocking and government spending plunged. The US Commerce Department says Gross domestic product fell at a 0.1 percent annual rate after growing at a 3.1 percent in the third quarter of 2012. Superstorm Sandy that battered the northeastern coast in October is seen as a key factor. Economists played down the reversal, noting strengths in consumer spending and business investment.
Read more on Rappler and Al Jazeera.
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