Government: Recession hit harder at end of 2008 than predicted[SIZE=-1]The Commerce Department released statistics today that indicate the recession had a bigger impact on the U.S. economy at the end of 2008 than was earlier anticipated.
The gross domestic product, or GDP, fell 6.2 percent in the last quarter of 2008, according to the Commerce Department's revision. An preliminary estimate from a month ago had measured the decline at 3.8 percent.
That means the GDP was $74.4 billion less than predicted.
The Commerce Department noted that "the largest contributors were downward revisions to private inventory investment, to exports, and to personal consumption expenditures for nondurable goods."
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