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The December result was an improvement over the 5.7 percent year-over-year decline in November.
In November, employment in the city posted the first year-over-year decline since March 2004.
The Americas were the hardest hit, with a year-over-year decline of 45percentt.
For Germany, it was the largest year-over-year decline since 1993.
Luxury goods posted the biggest year-over-year decline, falling 9.2percentt.
Its investment management business, however, reported a 25 percent year-over-year decline in revenue, to $20.9 million.
Mr. Swinburn told investors that exchange rates accounted for more than half of the year-over-year decline in profit.
That is the first year-over-year decline in quarterly profit since the first quarter of 1999.
Excluding volatile food and energy prices, the index fell 0.2percentthethirdhird year-over-year decline on record.
Advertising revenue for March dropped 12.8percentt, an even greater year-over-year decline than the 8.3percentt in February.
As the accompanying charts show, there had never been a year-over-year decline in credit card balances before the current downturn.
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