WKYT | Lexington, Kentucky | News

Economy dips at 0.7 percent pace in second quarter

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.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 62864882 - wkyt.com/a?a=62864882
Gray Television, Inc.