The New York Times
Wednesday, April 29, 2009 -- 8:36 AM ET
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Economy Contracted at 6.1% Annual Rate in First Quarter
The United States economy contracted at a
steeper-than-expected pace in the first quarter, hurt by
sharp declines in exports and business inventories, according
government data. Gross domestic product, which measures total
goods and services output, dropped at a 6.1 percent annual
rate, the Commerce Department said, after shrinking 6.3
percent in the fourth quarter.
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