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GDP shrinks less than the 1% estimated

October 01, 2009|Times Wire Reports

The economy shrank less than expected in the second quarter as businesses and consumers trimmed their spending at a slower pace, buttressing beliefs that the economy is now growing.

The 0.7% decline in gross domestic product for the April-June quarter follows the 6.4% annualized drop in the first three months of this year, the worst slide in nearly three decades.

In the final quarter of last year, the economy sank at a rate of 5.4%.

The new reading on second-quarter GDP, reported by the Commerce Department, shows the economy shrinking less than the 1% pace previously estimated. It also was better than the annualized 1.1% drop that economists were predicting.

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