US GDP contracts 1%
Annual forecasts show the US economy contracted 1% in the second quarter of 2009. The drop is far better than the -6.4% annual contraction recorded last quarter, though large amounts of government spending have helped boost GDP.
Economists are predicting the slump could be abating in the worst recession since WW2. Consumer spending in the US also fell by 1.2% as personal spending was limited due to rising unemployment. Over 6.5 million have been made unemployed since the beginning of the recession.
The US dollar currency exchange rate is currently at GBP0.6057 and EUR0.7075
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.