The economy continued its downward slide during the first three months of the year, though at a slightly slower pace than during the last quarter of 2008.
The gross domestic product fell at an annual rate of 6.1% during the first quarter of 2009, compared with a 6.3% drop during the fourth quarter of last year, the Commerce Department announced today.
The drop was largely fueled by declines in business outlays and both exports and imports.
Real gross domestic purchases-purchases by Americans of goods and services wherever they were produced–fell 7.8%, compared with a 5.9% drop in the last quarter of 2008.
Exports fell 30%, compared with a 23.6% decline in the last three months of 2008.
Imports fell 34.1%, compared with 17.5% drop in the previous quarter.
Consumers paid less for many products. The price index for gross domestic purchases fell 1%, compared with a 3.9% drop in the last quarter of 2008.
The one bright spot was personal consumption expenditures, which increased 2.2%, compared with a 4.3% decline during the previous quarter.
Residential fixed investment, which includes housing spending, fell 38%, compared with a 22.8%, drop during the last quarter of 2008.
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