"US economy contracts by 5.7% in Q1
From the FT:
The US economy continued to contract in the first quarter of this year as the pain of the recession spreads from consumers to businesses in the face of eroding global demand.
Revised commerce department figures showed on Friday that US gross domestic product declined by an annualised rate of 5.7 per cent in the first three months of the year, compared with last month’s estimate of 6.1 per cent. The decline was less severe than original projections due to slower liquidation of inventories and the narrowing trade gap.
Economists had been expecting the revised decline to be 5.5 per cent, so it’s still a bit of a mixed result.
Market reaction: Dow up 11 points, or 0.14 per cent. Treasury yields down fractionally per cent. Yawn.
US GDP press release - Bureau of Economic Analysis