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Thursday, the Commerce Department eatimated, the U.S. economy shrank at an annual rate of 0.3% in the third quarter.

“The capitulation of the consumer is the primary catalyst behind what is clearly the first consumer-driven recession in three decades,” wrote Joseph Brusuelas, chief economist for Merk Investments. “Just about all sectors of the economy are in the process of a serious contraction.”
The 0.3% decline in real gross domestic product was the largest since the end of the last recession in late 2001. The economy grew at a 2.8% pace in the second quarter.
The drop was close to economists’ expectations that the economy would shrink at a 0.5% annual rate. See Economic Calendar.