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US GDP Continues to Decline – Longest Recession on Record

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Financial Times: “The US economy continued to shrink in the second quarter, but the pace of contraction slowed as aggressive government spending started to loosen the grip of the longest recession on record.”

  • News release: “Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.8 percent in the third quarter of 2009, (that is, from the second quarter to the third quarter), according to the “second” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.7 percent…Note: This estimates reflects the results of the comprehensive (or benchmark) revision of the national income and product accounts (NIPAs).”
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