WASHINGTON (Reuters) – The U.S. economy contracted at slower pace than previously thought in the second quarter, but a further decline in private payrolls in September was another indication that recovery from recession would be patchy.
The Commerce Department said on Wednesday gross domestic product fell at a 0.7 percent annual rate instead of the 1.0 percent decline reported last month. This was better than market expectations for a 1.2 percent drop.
GDP, which measures total goods and services output within U.S. borders, fell at a 6.4 percent rate in the January-March period.
ADP sees private sector payrolls falling by 254,000 in September. Joel Prakken, chairman of Macroeconomic Advisers; William Rodgers, a economics professor at Rutgers; and CNBC’s Steve Liesman discuss the data.
Source – Reuters.com
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