Deep gloom from the USA

The Guardian reports:

U.S. consumer spending, which accounts for two-thirds of GDP - fell at an annual rate of 3.1% in the third quarter - the first decline since the economy was in recession in late 1991 and the biggest fall since the spring of 1980.

With American households affected by rising unemployment and sharp falls in share prices, personal disposable income fell at an annual rate of 8.7% - a rate not seen since quarterly records began in 1947, prompting a 14% annual decline in spending on cars. Businesses reduced investment in new plant and machinery by 1%.