First Year of U.S. Economic Recovery Was Weaker Than Estimated
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The first year of the recovery from the worst U.S. recession in the post-World War II era was even weaker than previously estimated, evidence of the extent of the damage wreaked by the economic slump, revised figures show.
Gross domestic product grew 2.5 percent in the 12 months after the contraction ended in June 2009, compared with the 3.3 percent gain previously reported, the Commerce Department said today in Washington. The government also revised down corporate profits and personal income for each of the past three years.