WASHINGTON (AP) - The economy sank at a pace of just 0.7 percent in the spring, a better-than-expected performance that provided strong evidence the recession was ending.
The small dip in gross domestic product for the April-June quarter follows the 6.4 percent annualized drop logged in the first three months of this year, the worst downhill slide in nearly three decades.
The new reading on second-quarter GDP shows the economy shrinking less than the 1 percent pace previously estimated. It also was better than the annualized 1.1 percent drop that economists were predicting.
The final revision of second-quarter GDP comes on the last day of the third quarter, in which many analysts predict the economy started growing again at a pace of about 3 percent.