RTTNews - Thursday morning, the Commerce Department released its second estimate of gross domestic product in the second quarter, showing that the pace of decline in economic activity was unrevised from the advance estimate.
The report showed that GDP decreased at an annual rate of 1.0 percent in the second quarter, unchanged from the 1.0 percent decrease originally reported in late July. Economists had been expecting GDP to be revised to show a decrease of 1.5 percent.
The Commerce Department said upward revisions to exports, residential fixed investment, consumer spending, and government spending were offset by downward revisions to private inventory investment and to nonresidential fixed investment.
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