- January 30, 2013, 11:16 a.m. ET
U.S. Economy Unexpectedly Contracts in Fourth Quarter
Private-Sector Hiring Rose by 192,000 in January, ADP Reports
The nation’s gross domestic product shrank for the first time in 3 1/2 years during the fourth quarter, declining at an annual rate of 0.1% between October and December, the Commerce Department said Wednesday.
It was the first time the broad measure of all goods and services produced by the economy contracted since the recovery from the financial crisis began. Economists surveyed by Dow Jones Newswires had expected 1.0% annualized growth.