GDP contracts less than expected

The U.S. economy shrank at a lower-than-expected rate in the second quarter, indicating that the worst economic crisis since the Great Depression is starting to ease.

Gross domestic product fell one percent, below the 1.5 percent consensus expected by Bloomberg News. As Bloomberg noted, GDP shrunk 6.4 percent in the prior three months, the steepest drop in 27 years. Data was revised to indicate that the downturn was worse than previously thought.