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Economy

GDP Shrank A Bit Less Than Previously Thought In Second Quarter

Things were a bit better in the second quarter than we thought, the Commerce Department just reported.

It says that: "Real gross domestic product — the output of goods and services produced by labor and property located in the United States — decreased at an annual rate of 0.7% in the second quarter of 2009, (that is, from the first quarter to the second quarter), according to the 'third' estimate released by the Bureau of Economic Analysis."

In its previous estimate, Commerce pegged the decline as having been at a 1% annual rate.

It left unchanged its estimate of what happened in the first quarter, when GDP dropped at a 6.4% annual rate.

For much more on the economy, see Planet Money.