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Us Economic Contraction Revised

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The US economy shrank by an annualised 0.7% between April and June this year, not by 1% as previous estimates from the Commerce Department had said.

The gross domestic product (GDP) figure is dwarfed by the 6.4% drop in the previous three months and the 5.4% figure for the final quarter of 2008.

The Commerce Department said it had underestimated the amount spent on non-residential property and equipment.

However, US shares were hit by a separate report on manufacturing.

The Institute for Supply Management's business barometer for Chicago shrank unexpectedly - one of the first indicators of the state of the US economy in September.

Economists said the regional report was seen as an indicator for the national outlook on manufacturing, to be published on Thursday.

The negative reading, which indicates a contraction in the Chicago economy, sent the Dow more than 100 points lower to 9,622.04 points. It also caused falls of about 1% in major European stock markets.

A 30% improvement isn't it on the quarterly figures? :P:P

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