The U.S. Commerce Department’s Bureau of Economic Analysis today released the first estimate of gross domestic product (GDP) for the second quarter of 2010. Real GDP grew 2.4 percent at an annual rate in the second quarter, following a gain of 3.7 percent in the first quarter. The annual revision to the national accounts increased the total fall in real GDP during the recession from 3.7 percent to 4.1 percent. The economy has grown 3.2 percent 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.”
Source: U.S. Department of Commerce
