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US economic decline slows further US economic decline slows further
(20 minutes later)
The US economy shrank at an annualised rate of 1% in the April-to-June quarter, government figures have shown.The US economy shrank at an annualised rate of 1% in the April-to-June quarter, government figures have shown.
The Commerce Department also revised its estimate of the decline in gross domestic product (GDP) in the first three months of 2009. The data was better-than-expected, with many economists predicting a slightly bigger contraction of 1.5%.
GDP fell at a rate of 6.4% in the first quarter, revised down from a previous estimate of 5.5%. The pace of decline seems to be easing, after a revised 6.4% fall in GDP in the previous quarter, the Commerce Department said.
On Wednesday, the Federal Reserve's influential Beige Book said US economic activity had "begun to stabilise".On Wednesday, the Federal Reserve's influential Beige Book said US economic activity had "begun to stabilise".
Although, the second-quarter data was better than forecast, the Commerce Department said that the economy had shrunk by more than initially thought in the first quarter.
It has previously estimated a contraction of 5.5%.