Legal Commentary

Meanwhile, Economic Contraction Continues

By Big Tent Democrat

Economy shrank by 6.1% in 1st Quarter:

The U.S. economy contracted at a surprisingly sharp 6.1 percent rate in the first quarter as exports and business inventories plummeted. The drop in gross domestic product, reported by the Commerce Department on Wednesday, was much steeper than the 4.9 percent annual rate expected by economists and followed a 6.3 percent decline in the fourth quarter. GDP, which measures total goods and services output within U.S. borders, has now dropped for three straight quarters for the first time since 1974-1975.

Full post as published by TalkLeft on April 29, 2009 (boomark / email).