U.S. economy shrank again in 2q

"Gross domestic product contracted at a less-than-projected 1 percent annual rate after shrinking 6.4 percent in the prior three months, the most in 27 years, Commerce Department figures showed today in Washington. Revisions showed the economic downturn last year was even deeper than previously estimated," Bloomberg News reports here.

Have to take Bloomberg's word. Commerce hasn't posted the figures on its page, last we checked. What good is it?

"The economy was forecast to shrink at a 1.5 percent pace, according to the median estimate of 78 economists surveyed by Bloomberg News... Last quarter's decline was the fourth in a row... the longest losing streak on record."

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