The longest period of uninterrupted economic expansion in US history has ended. The US economy shrank for the first time in eight years and at the fastest pace since its last officially declared recession, in 1991. Gross domestic product contracted at a seasonally adjusted annual rate of 0.4 per cent in the third quarter, the first decline since an isolated negative quarter in 1993.
Consumer confidence in the US has plunged to its lowest level in seven years as Americans struggle to come to grips with terrorist threats and a likely recession. The Consumer confidence index, based on a survey of 5,000 households, sunk 11.5 points in October to 85.5, its lowest since February 1994.
Ford Motor Co has ousted president and chief executive Jacques Nasser after more than a year of mounting troubles at the world
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