GDP fell 6.2% in the third quarter of 2008 and projections show it continuing to decline or getting even worse in 2009, marking the first negative GDP growth. While population growth has remained steady, the falling GDP combined with rising population will lead to an even sharper drop in GDP per capita. Personal consumption expenditures, a lagging indicator, also declined in late 2008 and early 2009 as consumers saved more and spent less, contributing to the decreasing GDP and hurting the economy.