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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