The economy continued its downward slide during the second three months of the year, though it wasn't as weak as during the first quarter.
The gross domestic product fell at an annual rate of 1% according to a second analysis released by the Commerce Department today. Last month, the department issued a "preliminary estimate" also calculated it at 1%.
The GDP fell 6.4% during the first quarter of 2009.
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The Commerce Department attributed the slower pace of the decline to smaller decreases in investments and exports and an increase in government spending.
Real gross domestic purchases-purchases by Americans of goods and services wherever they were produced-fell 2.5%, compared with an 8.6% drop in the first quarter of 2009.
Exports fell 5%, compared with a 29.9% drop in the first quarter.
Imports fell 15.1%, compared with a 36.4% drop in the previous quarter.
Consumers paid a bit more for some products. The price index for gross domestic purchases increased 0.5%, compared with a 1.4% drop in the last quarter.
Consumers held on to more of their money, as personal consumption expenditures fell 1%, following a 0.6% increase in the first quarter.
Residential fixed investment, which includes housing spending, fell 22%, compared with a 38% drop during the first three months of 2009.
Another area of good news was in corporate profits, which increased $67.6 billion compared with a $59.1 billion increase during the first quarter.
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