US economy shrank by 5.5 percent in first quarter
The US economy shrank 5.5 percent in the first quarter of 2009, according to a final estimate by the US commerce department Thursday that confirms the worst six-month stretch in five decades.
The US economy shrank at a worse-than-expected 6.1 percent pace at the start of this year as sharp cutbacks by businesses and the biggest drop in US exports in 40 years overwhelmed a rebound in consumer spending.