All US states contract for first time on record

The economies of all of the 50 American states shrank in February for the first time since records began in January 1979.

Data published by the Philadelphia Federal Reserve's research department on Tuesday show that all 50 of the American states contracted. The data show that the situation began deteriorating in November, soon after collapse the Lehman Brothers, an investment bank, sparked pandemonium in global financial markets. In October, 41 states contracted, but their number jumped to 47

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