Friday, May 29, 2009
The government says the economy sank at a 5.7% pace as the brute force of the recession carried over into the start of the year. However, many analysts believe activity isn't shrinking nearly as much now as the downturn flashes signs of letting up.
The updated reading shows the economy's contraction from January to March was slightly less deep than the 6.1% annualized decline first estimated last month. But the new reading was a tad worse than the 5.5% annualized drop economists were forecasting.