The New York Times
Friday, July 31, 2009 -- 8:40 AM ET
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U.S. Economy Shrank Less Than Expected in Quarter
The latest government report shows the economy contracted at
a 1 percent annual pace in the second quarter, a
better-than-expected showing and the strongest signal to date
that the recession, the longest since World War II, is
finally winding down.
The Commerce Department said the slippage in gross domestic
product for the April to June period came after the economy
was in a free fall, tumbling at a 6.4 percent pace in the
first three months of the year, worse than the earlier
estimate of 5.5 percent. That made the first quarter the
worst for the economy in nearly three decades.
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