Economy shrinks at 6.1% pace in 1Q

The economy shrank at a worse-than-expected 6.1 percent pace at the start of this year as sharp cutbacks by businesses and the biggest drop in U.S. exports in 40 years overwhelmed a rebound in consumer spending.
APR 29, 2009
The economy shrank at a worse-than-expected 6.1 percent pace at the start of this year as sharp cutbacks by businesses and the biggest drop in U.S. exports in 40 years overwhelmed a rebound in consumer spending. The Commerce Department's report dashed hopes that the recession's grip on the country loosened in the first quarter. Economists surveyed by Thomson Reuters expected a 5 percent annualized decline. Instead, the economy performed nearly as bad as it had in the final three months of last year when it contracted at a 6.3 percent pace, the most in a quarter-century.

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