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US economy shrank revised 5.7 pct in first quarter

The US economy contracted less than initially estimated in the first quarter, at an annual rate of 5.7 per cent, official data showed on Friday, revising an initial 6.1 per cent estimate.
AFP | By HT Correspondent, Washington
UPDATED ON MAY 29, 2009 06:31 PM IST

The US economy contracted less than initially estimated in the first quarter, at an annual rate of 5.7 per cent, official data showed on Friday, revising an initial 6.1 per cent estimate.

The Commerce Department said that the contraction in gross domestic product -- the nation's goods and services output -- reflected declines in exports, equipment and software, and investments that were partly offset by gains in consumer spending.

Most analysts anticipated the economy had contracted less than previously estimated in the first three months in the year, but had forecast a better reading of 5.5 per cent.

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