Economy shows stabilization: GDP down 1%

A revision to gross domestic product shows the U.S. economy declined at a rate of 1% in the second quarter, matching a previous estimate.

By David Goldman, staff writer

NEW YORK ( — The pace of economic decline in the second quarter slowed at an annual rate of 1%, according to the government’s revised reading on gross domestic product. It was unchanged from a previous estimate.

GDP is the broadest measure of the nation’s economic activity. Economists surveyed on expected the revised reading to show the economy declined at an annual rate of 1.5% in the second quarter.

The results matched the initial estimate released by the Commerce Department in late July. The decline is still much narrower than the 6.4% drop in the first quarter.

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