Government revision shows economy shrank 0.6% last quarter

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — The U.S. economy shrank at a 0.6% annual rate from April through June, the government said in an upgrade from its initial estimate. It marked a second straight quarter of economic contraction, which meets one informal sign of a recession. Most economists, though, have said they doubt the economy is in or on the verge of a recession, given that America’s job market remains robust, with strong hiring, low unemployment and widespread openings. In its revised estimate, the Commerce Department calculated that the nation’s gross domestic product contracted last quarter, though less than the 1.6% annual decline in the January-March period.