Economy Continues To Contract in 2nd Quarter

According to reports GDP shrank at a 1% annual rate in the second quarter. According to Barry Ritholtz a better estimate would be that the economy shrunk at a 2.38% annual rate.

Also, first quarter GDP was revised downward and consumer spending shrank at a higher than expected pace. According to Yahoo Finance :
"...the Commerce Department revised the first-quarter GDP figure much lower, saying economic activity tumbled 6.4 percent. That is the worst quarterly reading in nearly 30 years.

The latest report also said consumers cut spending by 1.2 percent in the second quarter, after a 0.6 percent increase in the first quarter."