The U.S. economy contracted only slightly in the second quarter with gross domestic product decreasing by an annual rate of 1 percent, another sign that the nation's economic situation could be stabilizing.

By Anna Shoup

GM will close several plants for up to 10 weeks to help clear its inventory backlog. Analysts and local leaders mull the impact of the move and the industry's path forward.

As housing inventories reached new highs, existing-home sales in the United States fell in July to its lowest rate in more than two years. Industry economists discuss the drop and the impact of the softening real estate market on the…