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 5.5%, according to a final analysis released by the Commerce Department today. Last month, the department issued a "preliminary estimate" of 5.7% in April; its "advanced estimate" indicated a 6.1% drop during the first quarter of 2009.
The GDP fell 6.3% during the fourth quarter of last year, largely fueled by declines in business outlays and both exports and imports.
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Real gross domestic purchases-purchases by Americans of goods and services wherever they were produced-fell 7.5%, compared with a 5.9% drop in the last quarter of 2008.
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.
A bright spot was personal consumption expenditures, which increased 1.4%. Those expenditures declined 4.3% during the previous quarter.
Residential fixed investment, which includes housing spending, fell 38.0%, compared with a 22.8% drop during the last quarter of 2008.
Another area of good news was in corporate profits, which increased $48.1 billion-last month's estimate was $42.6 billion-after falling $250.3 billion in the final three months of 2008.
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