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GDP shrinks at 6.1 percent rate in Q1
Wednesday, April 29, 2009
The Commerce Department reported that the U.S. economy contracted at a pace much faster than expected during the first quarter as business investment posted a record decline and exports of U.S. goods experienced their biggest drop in more than 40 years.
Following the fourth quarter's 6.3 percent pace of contraction, the U.S. economy shrank at a seasonally adjusted annualized rate of 6.1 percent last quarter, surpassing the consensus estimate of minus 5.0 percent. This was the worst back-to-back performance in 60 years.
2 comments:
Wait a minute this means it is more bad instead of less bad. Well more bad than expected but less bad than 4th quarter. Well we must be OK because we only contracted 6.1% last quarter instead of a full 6.3%. Why don't we send the stock market up 900 points needlessly in the process because things sure are looking up.
But wasn't that minus 6.3% Q4 performance originally reported at 3.5% contraction? I'll wait for the final numbers before I celebrate.
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