The US economy shrank in the third quarter, falling at an annual rate of 0.3 per cent, possibly indicating a recession has begun, the government said.
Consumer spending, which accounts for two-thirds of the economy, crashed to a 28-year low in the third quarter.
In United States and Japan, there is no scope for further reductions in policy rates. Fiscal policy and tax cuts may prove effective, says OECD.
Image: Traders in the New York Stock Exchange. | Photograph: Mario Tama/Getty Images
Also read: US job market at its worst in 15 years
| Live updates on money.rediff.com |
|
Advertisement
