WASHINGTON (AP) – The economy skidded to a near halt in the final quarter of last year, held back by the double blows of a housing and credit slump that made people and businesses alike more cautious in their spending.
The Commerce Department reported Thursday that the gross domestic product increased at a scant 0.6 percent pace in the October-to-December quarter. The reading – unchanged from an initial estimate a month ago – underscored just how much momentum the economy has lost. In the prior quarter, the economy clocked in at a brisk 4.9 percent pace.
Gross domestic product measures the value of all goods and services produced in the United States and is the best barometer of the country’s economic health…
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