The second-quarter decline in U.S. economic output was less severe than initially estimated and unemployment claims fell slightly last week, signs of measured slowing in the overall economy in the face of high inflation and easing consumer demand.
U.S. gross domestic product contracted at a 0.6% annual rate from April to June, compared with an initial estimate of a 0.9% decline, the Commerce Department said on Thursday. One factor was an upward revision of consumer spending, which accounts for the bulk of economic output.
