The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy's worst performance in five years, instead of the 1.0 percent pace it had reported last month. Growth has now been revised down by a total of 3.0 percentage points since the government's first estimate was published in April, which had the economy expanding at a 0.1 percent rate. The difference between the second and third estimates was the largest on records going back to 1976, the Commerce Department said. With the first quarter in the rear view and the April-June period looking stronger, investors are likely to ignore the report.
via Business News - Yahoo Finance http://ift.tt/Vna8VO
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