WASHINGTON — The economy was shrinking in the summer and corporate profits were falling even before the financial crisis struck with full force. Analysts are forecasting that those small declines will be followed by much larger decreases this quarter as the longest recession in a quarter century gains intensity. The Commerce Department reported today that the gross domestic product, the broadest measure of economic health, declined at an annual rate of 0.5 percent in the July-September quarter, while corporate profits fell 1.2 percent. For the full story click here
