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The government has announced the U.S. economy shrank at its fastest pace in nearly 27 years. That because consumers and businesses cut spending. Layoffs that began in the real estate and finance sectors are now hitting workers in nearly every field. Some iconic firms are slashing jobs by the thousands.

Growth will remain low and consumers will be cautious as long unemployment stays high, economists say. And as long as consumers remain frugal, companies will be reluctant to hire aggressively. But is a modest rate of growth of 2 percent to 3 percent better for the U.S. in the long run?

Growth will remain low and consumers will be cautious as long unemployment stays high, economists say. And as long as consumers remain frugal, companies will be reluctant to hire aggressively. But is a modest rate of growth of 2 percent to 3 percent better for the U.S. in the long run?

The U.S. economy started showing signs of recovery in June 2009, according to the National Bureau of Economic Research. Four years later, the economy is slow to recover in some areas. The stock market and housing are showing signs of growth, while unemployment still lags behind.

Republican John McCain and Democrat Barack Obama will meet in a town hall-style meeting in Nashville, Tenn. Topics are supposed to be divided between the economy and foreign policy, but given the financial crisis more questions are expected to focus on the topic.

July's presidential election left the nation almost equally divided between a leftist who wants to renegotiate NAFTA to protect farmers, and a conservative who wants to encourage more free trade deals. But treaties alone aren't the only source of Mexico's economic woes.

In November, India's government declared all high-value currency invalid and withdrew them from circulation. Starved of cash, the economy seized up.

The economy is emerging as a big issue in the presidential campaign. Presidential contenders in both parties are touting their economic plans for reviving the ailing economy. Upcoming contests will be critical for some candidates.

This week's economic news and how the U.S. economy reverberates throughout the world.

Florida’s economy has reached the $1 trillion gross domestic product milestone, according to the Florida Chamber of Commerce Foundation. “Becoming a $1...