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<p>Containers are unloaded from cargo ships at the Port of Los Angeles on Dec 5, 2012. The U.S. economy unexpectedly shrank from October through December, the first quarterly drop since 2009 and a reminder of the economy's vulnerability as automatic cuts in government spending loom. </p>

<p>Containers are unloaded from cargo ships at the Port of Los Angeles on Dec 5, 2012. The U.S. economy unexpectedly shrank from October through December, the first quarterly drop since 2009 and a reminder of the economy's vulnerability as automatic cuts in government spending loom. </p>

January 31, 2013

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U.S. economy shifted into reverse in late 2012
January 31, 2013 8 p.m.

U.S. economy shifted into reverse in late 2012

Defense spending plunge mostly to blame

WASHINGTON - The U.S. economy shrank unexpectedly late last year, a reminder of the biggest threat it faces in 2013: sharp government spending cuts and prolonged political budget fights.