The New York Times
Friday, July 29, 2011 -- 8:53 AM EDT
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U.S. Economy Worse Than Expected in Second Quarter; G.D.P. Grew at 1.3% Pace
The United States economy has slowed considerably this year from a year ago, according to a report from the Commerce Department released on Friday.
The country's gross domestic product, a broad measure of the goods and services produced across the economy, grew at an annual rate of 1.3 percent in the second quarter, after having grown at an annual rate of 0.4 percent in the first quarter. Data revisions going back to 2003 also showed that the 2007-2009 recession was deeper, and the recovery to date weaker, than originally estimated.
The news comes as Congress is debating how to put the nation on a more sustainable fiscal path, with measures that some economists worry could further slow the recovery and even throw the economy back into recession.
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