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GDP decline beats estimate

July 31, 2009

Real gross domestic product in the U.S. decreased at an annual rate of 1.0% in the second quarter, according to an advanced estimate released today by the U.S. Department of Commerce. The Wall Street Journal reported economists had expected a 1.5% decline.

Although still a decline, the decrease in real GDP is smaller than in previous quarters. Real GDP decreased at an annual rate of 6.4% in the first quarter and decreased 5.4 % in the fourth quarter of last year.