U.S. Gross Domestic Product

U.S. First Quarter GDP Declines 6.1 Percent, Consumer Spending Rises

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The U.S. economy has shrunk in four of the past six quarters.

The United States gross domestic product (GDP) declined for the third straight quarter for the first time since 1974-75.  U.S. GDP has declined 12.9 percent since the third quarter of 2008.

Real gross domestic product decreased at an annual rate of 6.1 percent in the first quarter of 2009, according to the advance estimate released earlier today by the U.S. Commerce Department.  GDP is the measure of all goods and services produced by labor and property located in the United States.  GDP declined 6.3 percent in the fourth quarter of last year. 

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