WASHINGTON (AP) --Consumers, after shopping up a storm in October, cut back on their spending in November by 0.7 percent. Incomes fell for the third straight month as the nation's unemployment rate climbed to a six-year high.
Another report also released by the Commerce Department Friday showed that the U.S. economy turned in its weakest performance in a decade in the third quarter, shrinking at an annual rate of 1.3 percent, an even bigger drop than the government previously estimated.
GDP is the total output of goods and services produced within the United States and is considered the broadest measure of the economy's health.
The government previously estimated that the economy contracted at a rate of 1.1 percent in the third quarter and its initial estimate pegged the decline at a 0.4 percent rate.
On Wall Street, the reports didn't deter investors. The Dow Jones industrial average was up 55 points.
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