Once again, the economy shrank at a greater-than-expected rate during the first three months of the year:
The American economy shrank rapidly in the first three months of the year, the government reported on Wednesday, a signal that the economy is likely to remain a dominant issue as the Obama administration looks beyond its first 100 days.
The gross domestic product shrank at an annual rate of 6.1 percent from January through March, the Bureau of Economic Analysis reported. It was the third straight quarter of declines and capped the worst six months of economic activity since the late 1950’s.
Economists had predicted a drop of 4.7 percent, and the steep dip could dampen hopes that the pace of economic declines had begun to ebb. The decline was almost as sharp as in the previous quarter, when the economy shrank at a pace of 6.3 percent, its worst drop in a generation.
This isn’t over yet, folks
