The U.S. Gross Domestic Product during the second quarter was not as bad as previously thought, with a 0.7 percent decline, compared to the 1 percent decrease forecasted in August
, according to the Department of Commerce. This compares with a 6.4 percent contraction in the first quarter.
According to the Department of Commerce, the smaller contraction is a result of a smaller decrease in business investment, less declines in exports, inventory investment and housing, and a boost in government spending.
"Today's revision of real GDP in the second quarter indicates that the economy has begun to stabilize," said Mark Doms, chief economist at the U.S. Commerce Department. "The economy is moving in the right direction, and further stimulus spending should support this momentum in the coming months."
Read more about what economists are predicting for 2010 in the October issue of Heavy Duty Trucking magazine.
, according to the Department of Commerce. This compares with a 6.4 percent contraction in the first quarter.
According to the Department of Commerce, the smaller contraction is a result of a smaller decrease in business investment, less declines in exports, inventory investment and housing, and a boost in government spending.
"Today's revision of real GDP in the second quarter indicates that the economy has begun to stabilize," said Mark Doms, chief economist at the U.S. Commerce Department. "The economy is moving in the right direction, and further stimulus spending should support this momentum in the coming months."
Read more about what economists are predicting for 2010 in the October issue of Heavy Duty Trucking magazine.
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