U.S. Economy Shrinks 6.1%
29 Apr 09 | FT
The US economy continued to contract in the first quarter of this year as business investment collapsed in the face of eroding global demand.
Preliminary commerce department figures showed on Wednesday that US gross domestic product declined by an annualised rate of 6.1 per cent in the first quarter, after declining by 6.3 per cent during the fourth quarter of last year. The decline was worse than the 4.7 per cent that economists expected and marks a slight improvement from the fourth-quarter contraction, which was the sharpest since 1982.
The US economy has not contracted for three consecutive quarters since the first quarter of 1975 and the last six months have been the weakest such period in 51 years. >>>