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Economics

Recession Took Bigger Bite Out of U.S. Economy Than Estimated

The 2007-2009 recession gouged the world’s largest economy more deeply than previously estimated and the recovery lost momentum throughout 2010 before stalling this year, revised figures show, painting a bleaker picture that may raise concern over the outlook for U.S. growth.

Gross domestic product shrank 5.1 percent from the fourth quarter of 2007 to the second quarter of 2009, compared with the previously reported 4.1 percent drop, the Commerce Department said today in Washington. The second-worst contraction in the post-World War II era was a 3.7 percent decline in 1957-58.