US economy's fourth quarter to be significantly weaker than third: White House

[Naveed Yaseen]

WASHINGTON (December 24 2008): The US economy's fourth quarter will be "significantly weaker" than the third, the White House warned Tuesday amid release of negative housing data and confirmation the economy shrank 0.5 percent in the July-September period.

"The fourth quarter, we know because of the credit crisis, the stand-still in credit as markets froze up and the financial market turmoil, will be significantly weaker" than the third, spokesman Tony Fratto said as the Commerce Department reported new-home sales plunged 2.9 percent in November, the lowest level since January 1991.

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