This morning’s Bureau of Economic Analysis (BEA) report suggested that the downturn has slowed. They showed a 1% decrease in GDP in the second quarter of 2009. Compared with a drop of 6.4% in the first quarter of this year, and a drop of 5.4% in the fourth quarter of last year, this decrease signals (maybe) some good news in the upcoming months.
Interesting in the report was a decrease of residential investment of 9% from the preceding quarter (annualized). This is an improvement over the 36.4% decrease in the first quarter of this year. Domestic private investment overall decreased by only 20.4%, as opposed to the halving (a 50.5% decrease) we saw in Q1.
Here’s the front page of the online version of the WSJ.