30-09-09, 02:53 PM
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Professional Waffler
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Join Date: Sep 2009
Location: Bills Town, Wark's, UK
Age: 43
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Economy in U.S. Shrank 0.7%, Less Than Anticipated
Sept. 30 (Bloomberg) -- The worst U.S. recession since the Great Depression eased more than anticipated in the second quarter, setting the stage for a recovery to take hold in the last half of 2009.
The world’s largest economy shrank at a 0.7 percent annual rate from April through June, the best performance in more than a year, revised figures from the Commerce Department showed today in Washington. Gross domestic product contracted at a 6.4 percent pace in the first three months of 2009
Government stimulus plans such as “cash for clunkers” and first-time homebuyer credits are giving manufacturing and housing, the two areas at the center of the economic slump, a boost this quarter. Federal Reserve policy makers are among those concerned that gains in consumer spending will not be sustained as unemployment climbs and incomes stagnate.
Economy in U.S. Shrank 0.7%, Less Than Anticipated (Update2) - Bloomberg.com
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