GDP Drop Slows

Could the recession finally be ending? The Wall Street Journal reports that the economy slumped less than expected in the spring, signaling that the recession may be easing. The GDP dropped at a seasonally adjusted rate of 1 percent during the second quarter of this year, according to the Commerce Department. In contrast, during the first quarter of this year and the fourth quarter of last year, the GDP fell 6.4 percent and 5.4 percent respectively. The recession isn't likely to end quickly, though. Consumer spending, which drives much of the economy, decelerated in the spring, and according to the Journal, "fear for jobs is keeping wallets tight and seen muting the economy's expected recovery."