US second quarter GDP down 1%

The U.S Commerce Department reported Friday that the economy contracted by 1%, much smaller pace in the second quarter of the year, suggesting that the trough of the recession has been reached.

The rate of contraction for the first quarter was revised down to a 6.4% drop compared with the prior estimate of a 5.5% decline, this is the first time since the Great Depression that the economy contracted for four consecutive quarters.


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