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Commerce Secretary: Recession Steeper Than Initially Estimated

The U.S. Commerce Department’s Bureau of Economic Analysis has released the first estimate of gross domestic product (GDP) for the second quarter of 2010. Real GDP grew 2.4% at an annual rate in the second quarter, following a gain of 3.7% in the first quarter. The annual revision to the national accounts increased the total fall in real GDP during the recession from 3.7% to 4.1%. The economy has grown 3.2% from a year ago.
“Today’s data shows us that the recession was steeper than initially estimated,” U.S. Commerce Secretary Gary Locke said. “Eight million jobs were lost and a full recovery will not happen overnight. But America is undoubtedly moving in the right direction and this administration remains singularly focused on strengthening the economy and ensuring that every American who wants a job can get one.”

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