US economic growth drops sharply

US economic growth fell sharply in the last three months of 2007 as the credit crunch took effect, figures show.

The US Department of Commerce says the economy grew at an annual rate of just 0.6% from October to December.
In the previous three months, between July and September, the economy was growing at annual rate of 4.9%.
The slowdown was triggered by a slump in building activity, which fell by 16.9%, the biggest fall in 25 years, as housing prices collapsed.

I think this is a big problem for the US because is worst than expected for the analysts. who were expecting a reduction to a 1.2% annual growth rate.
the US economic slowdown will be longer and deeper than previously, and will have a greater impact on the world economy. this mean that the US Dollar will drop it value thats a big problem.

http://news.bbc.co.uk/2/hi/business/7217769.stm