Wednesday, April 29, 2009

U.S. economy still shrinking rapidly

From CNN Money:
The U.S economy shrank at [an annualized] pace of 6.1% in the first quarter — almost as much as it did in the fourth quarter of 2008, according to a government report Wednesday.

The drop was much worse than expected. ... The first quarter decline was the second biggest drop recorded in 26 years, behind only the fourth quarter reading.

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