Commercial & Residential Property Blog

The U.S. Department of Commerce offered yet another clue that, with any luck, the panic and the recession will someday merely be bad memories. According to Commerce, the U.S. GDP contracted at a 1 percent annualized rate during 2Q09, less than expected. The rate was also considerably less than the annualized rate of contraction seen in the first quarter, 6.4 percent, and the rate of contraction during the fourth quarter of 2008, 5.4 percent.