The US economy shrank at a 0.7 percent pace in the second quarter, the government said Wednesday in its final revision for gross domestic product, offering more evidence of recovery from recession.
The figure was better than last month's estimate of a 1.0 percent drop in economic output, and stronger than the average estimate of private economists calling for a 1.2 percent annualized pace of decline.
The report appeared to confirm that the world's biggest economy was emerging from its long recession and rebounding from a hefty 6.4 percent decline in the first quarter of 2009.
Most economists expect the economy to show growth in the July-September quarter, in the range of 3.0 to 4.0 percent, in a rebound from the worst recession in decades, although some question the sustainability of growth.
The latest GDP report showed consumer spending, the main driver of economic activity, fell at a 0.9 percent pace, one-tenth of a point better than in last month's estimate.
