The US economy fell at a 6.1 per cent in First Quarter
Wednesday, April 29th, 2009The US economy fell at a 6.1 per cent pace in the first quarter of 2009, the government said on Wednesday, signalling little improvement in a deep recession.
The Commerce Department’s first estimate of gross domestic product was a disappointment to private forecasters expecting a 4.7 per cent decline, and marked only a marginal improvement over the 6.3 per cent contraction in the fourth quarter of 2008.
The decline marked the third consecutive quarter of contraction for the world’s biggest economy, which had not occurred since 1974-75.
The steep fall was the result of falling exports, weak housing and business investment, offset in part by improved consumer spending.