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Article updated: 1/30/2013 9:49 AM

U.S. economy shrinks 0.1 pct., 1st time in 3½ years

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Containers are unloaded from cargo ships at the Port of Los Angeles. Most economists agree that the snapshot of U.S. economic growth released Wednesday, Jan. 30, 2012, is going to look dismal.

Associated Press

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The U.S. economy unexpectedly shrank from October through December for the first time since 2009, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles. The drop occurred despite stronger consumer spending and business investment.
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