By Alan Rappeport in New York
Published: April 29 2009 13:59 | Last updated: April 29 2009 15:04
The US economy continued to contract in the first quarter of this year as business investment collapsed in the face of eroding global demand.
Preliminary commerce department figures showed on Wednesday that US gross domestic product declined by an annualised rate of 6.1 per cent in the first quarter, after declining by 6.3 per cent during the fourth quarter of last year. The decline was worse than the 4.7 per cent that economists expected and marks a slight improvement from the fourth-quarter contraction, which was the sharpest since 1982. (more)
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