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Thursday, April 30, 2009

U.S. Commerce Department: U.S. Economy Worst in 50 Years

It's official. The United States is mired in its worst economic downturn in half a century, the U.S. Commerce Department reported Wednesday.

Data released by the department show that the U.S. economy shrank by 6.1 percent during the first three months of the year – a full percentage point worse than what analysts polled by Thomson Reuters had been predicting.

It was the second straight quarter the U.S. economy contracted by more than 6 percent. The fourth quarter of 2008 produced a 6.3 pecent decline – the biggest drop in 25 years.

The back-to-back bad quarters created the worst economy over a six-month period in 50 years, the commerce department said.

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