Economy (GDP meas.) contracts, worst in seven years

The economy has contracted, to the worst degree in seven years.
The third quarter report for the Gross Domestic Product (the total value of goods and services produced in the country) indicates a GDP decrease of an annual rate of 0.3 percent, as reported by the U.S. Commerce Department.
In simpler terms, this means that the value of the economy got smaller, by a greater decrease of any quarter in the last seven years.
Jeannine Aversa, "Third-quarter GDP’s contraction is worst in seven years" -"Kansas City Star" Oct. 30, 2008
Reuters credited a reduction in consumer spending as the cause of the decrease.
"Economy contracts as consumers retreat"
This is significant in itself; but it should be noted that the third quarter preceded the collapse of the mortgage and crediting industries.