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Some economists expected the growth rate to be revised downward even further, and were actually somewhat relieved that it was this low. Others estimated the chances for a double-dip recession somewhere between one in three to one in two.
Al eyes are on Federal Reserve Chairman Ben Bernanke's speech in Jackson Hole, Wyoming, where he will address long-term economic policy. Hopefully he can explain how he's going to pull a miracle out of the United States treasury.
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