WASHINGTON, July 28 (Xinhua) -- The U.S. economy shrank at an annual rate of 0.9 percent in the second quarter after a 1.6-percent contraction in the previous quarter, the U.S. Commerce Department reported Thursday.
The decrease in real gross domestic product (GDP) reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by increases in exports and personal consumption expenditures, the department's Bureau of Economic Analysis said in an "advance" estimate.
