Japan: Economy shrank at 2.5 percent annualized rate

TOKYO (AP) — Japan's economy shrank at an annualized rate of 2.5 percent in July-September, a worse contraction than preliminary data indicated last month.

The earlier data put the contraction at 1.2 percent, as consumer spending, investment and exports fell.

The revised data released Monday by the government Cabinet Office shows seasonally adjusted gross domestic product — the total value of a nation's goods and services — dipped 0.6 percent in the third quarter from the previous quarter.

The data showed private demand and investment fell at a deeper pace than the initial estimate.

Japan's economy, the world's third largest, grew in April-June, but contracted the quarter before that. That contraction ended the longest straight period of expansion for Japan in nearly three decades.