Economic activity in the U.S. contracted slightly less than initially estimated in the second quarter, according to a report released by the Commerce Department, although the report still showed a sharp drop in gross domestic product.
The report said real gross domestic product plummeted by 31.7 percent in the second quarter compared to the previously reported 32.9 percent nosedive. Economists had expected the plunge in GDP to be revised to 32.5 percent.
The smaller than previously estimated drop in GDP came as private inventory investment and consumer spending decreased less than previously estimated.
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