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Friday, July 31, 2009

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."
Posted by Joseph N. DiStefano @ 9:00 AM  Permalink | Post a comment
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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