The U.S. economy contracted at an annual rate of 5.7 percent in the first quarter of the year, according to preliminary estimates released by the U.S. Bureau of Economic Analysis.
The drop in gross domestic product mainly reflected declines in exports, equipment and software, private inventory investment, nonresidential structures and residential fixed investment. One positive contribution came from personal consumption expenditures.
The decline came after a 6.3 percent drop over the fourth quarter of 2008 and was less than advance estimates of a 6.1 percent first-quarter drop.
