The GDP report showed a steeper decline in economic growth in previous quarters, but a smaller drop than expected for the second quarter

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Stocks Edge Higher on GDP News

A sampling of analysts’ reactions to the July 31 GDP numbers reported by the Commerce Dept.

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Behind the GDP Numbers

NEW YORK (Reuters) – Stocks edged higher on Friday after the government reported the economy shrunk at a slower-than-expected pace in the second quarter, which investors took as a sign the recession is easing.

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Wall St gains on recovery bets, but cautious

NEW YORK/BANGALORE (Reuters) – U.S. power producers, led by American Electric Power Co, Dominion Resources and Constellation Energy Group, posted quarterly earnings that topped Wall Street expectations even as demand from industrial customers weakened because of the recession.

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U.S. utilities post strong results

The BEA just came out with its revised GDP numbers for the past few years. And not really a surprise, the recession now looks a lot worse than the data previously showed. From the fourth quarter of 2007, when the recession officially started, to the first quarter of 2009, the previous data shows real GDP declining by 2.2%, compared to a 3.5% drop in the new numbers. So the recession, measured by the drop in real GDP, is about 50% worse than we thought. Here’s a chart of real GDP, indexed to the fourth quarter of 2007.

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Recession is About 50% Worse than We Thought

The BEA just came out with its revised GDP numbers for the past few years. And not really a surprise, the recession now looks a lot worse than the data previously showed. From the fourth quarter of 2007, when the recession officially started, to the first quarter of 2009, the previous data shows real GDP declining by 2.2%, compared to a 3.5% drop in the new numbers. So the recession, measured by the drop in real GDP, is about 50% worse than we thought. Here’s a chart of real GDP, indexed to the fourth quarter of 2007.

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The Recession : About 50% Worse than We Thought

NEW YORK (Reuters) – U.S. stocks edged higher on Friday, helped by an improving outlook for business activity in the U.S. Midwest in July.

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Wall St edges up after Chicago PMI and GDP data

MIAMI (Reuters) – The United States and UBS AG have reached an agreement in principle to settle their dispute over U.S. demands for the names of thousands of wealthy Americans suspected of using the Swiss bank to evade taxes, a U.S. Justice Department attorney said on Friday.

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U.S. and UBS reach deal in tax case

NEW YORK (Reuters) – Paper and timber company Weyerhaeuser Co posted a smaller-than-expected quarterly loss as cost-cutting helped offset weak demand from the U.S. construction industry.

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Weyerhaeuser posts smaller-than-expected loss

The Obama administration promised today that the financially strapped “cash for clunkers” program will be good at least through the day Sen. Carl Levin, D-Mich., said he got the word from Transportation Secretary Ray LaHood as members of the Ohio…

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“Cash for Clunkers” program good through end of today

WASHINGTON (Reuters) – The U.S. Federal Deposit Insurance Corp is launching the first test of its Legacy Loans Program to help banks rid their balance sheets of toxic assets so they can raise new capital and increase lending, the agency said on Friday.

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FDIC launches test of toxic assets sale program

NEW YORK (Reuters) – Forest products company Weyerhaeuser Co on Friday posted a wider second-quarter loss, hurt by weak demand from the construction industry, but results topped Wall Street expectations.

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Weyerhaeuser loss tops Wall Street forecast

MIAMI (Reuters) – The United States government and Swiss bank UBS AG have reached an agreement in principle on the major issues in their tax evasion dispute, a U.S. Justice Department attorney said on Friday.

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U.S. government and UBS have agreement in principle on tax case

NEW YORK (Reuters) – Stocks opened higher on Friday as investors bet the recession is moderating after data showed the economy shrank less than expected in the second quarter.

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Wall St opens higher on GDP data

NEW YORK (Reuters) – U.S. power producers American Electric Power Co, Dominion Resources and Constellation Energy Group posted quarterly earnings on Friday that topped Wall Street expectations even as demand from industrial customers weakened because of the recession.

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Top U.S. utilities post strong quarterly results