The economy shrunk more in the third quarter than first reported, as consumer spending took a sharper downturn and export sales growth slowed more than expected, the Associated Press reported.

The Commerce Department released updated figures today that show the gross domestic product declined at a 0.5 percent annual rate in the July-September quarter, more than the 0.3 percent rate first estimated a month ago. These new figures show that the economy turned quickly after a 2.8 percent growth rate in the second quarter.

Consumer spending fell at a 3.7 percent pace, worse than the 3.1 percent initially reported. Meanwhile, U.S. exports rose at a 3.4 percent pace, far below the 5.9 percent growth rate initially predicted and the second quarter’s 12.3 percent growth rate.

The report also revealed that Americans’ disposable income dropped at an annual rate of 9.2 percent, the largest quarterly drop on record dating back to 1947.