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Recession numbers issued

Wednesday, Oct. 31, 2001 | 9:52 a.m.

WASHINGTON -- The U.S. economy, battered by a yearlong slowdown and the jolt of the terror attacks, shrank at a 0.4 percent rate from July through September, a decline indicating the economy's recession is officially under way.

The drop in the gross domestic product -- the total output of goods and services produced in the country -- was the biggest since the first quarter of 1991 when the country was in the depths of the last recession, the Commerce Department reported today.

The decline wasn't as steep as some economists had expected.

But many analysts think the 0.4 percent drop in GDP will be followed by an even sharper decline of 1 percent or more in the current October-December quarter.

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