Economy plunges 31.4% in spring but big rebound expected
Revised GDP figures from the Commerce Department show. The second quarter downturn was not quite so disastrous as initially reported, though the economy still shrank at a jaw dropping annual rate of 31.4%. A revision show consumer spending in the quarter was somewhat stronger than first reported, while exports and business investment were somewhat weaker. The economy has enjoyed a partial rebound in the third quarter, which ends today. But there are signs that recovery is losing steam as federal relief payments dry up negotiations over a possible new round of relief payments continue in Washington, but there's been no breakthrough yet. Scott Horsley.