The revised U.S. Bureau of Economic Analysis data shows that the gross domestic product — the broadest gauge of the economy shrank at an annual rate of 0.6% from April through June.
Updated data released by the Department of Commerce on Thursday shows that the U.S. economy decreased slower than expected during the second quarter.
This comes after it was initially reported that it would decline by 0.9%, which many feared that the nation was approaching a recession, the Associated Press reported.Elsewhere in the report, data showed that consumer spending and private inventory investment were revised up, while residential fixed investment was revised downward.
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