The economy slowed further as a report from the Commerce Department showed that gross domestic product grew in the second-quarter by just 1.5 percent. The report confirms that the recovery is the second weakest economic rebound from a period of recession since World War II.
The report revised many prior GDP growth rates since the beginning of the recession in 2007. The report noted that the initial recession was not as bad as previously claimed – GDP shrank 4.7 percent, revised upward from the initial reading of 5.1 percent. The Great Recession still ranks as the worst economic contraction since the great depression.
The report also revised growth upwards in 2009 and 2011, but it also revised growth downward for 2010. In 2009, GDP declined 3.1 percent instead of the initial 3.5 percent reported. In 2011, the economy grew by 1.8 percent – revised up from the original 1.7 percent reported. However, in 2010, GDP grew by just 2.4 percent instead of the original 3.0 percent reported.
The report revised first-quarter GDP growth up from 1.9 percent to 2.0 percent.
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