GDP revision for Q2 suggests economy has turned the corner

U.S. GDP fell just 0.7 percent in Q2, a smaller decline than the previous 1.0 percent estimate, the U.S. Commerce Department announced Wednesday. The revised report lends credence to the argument that the recovery is underway and the economy is very close to expanding.

A Bloomberg News survey had expected Q2 GDP (revised) to decline 1.2 percent. The U.S. economy contracted 6.4 percent in Q1. In 2008, the world's largest economy grew a scant 1.1 percent, well below capacity.