U.S. GDP falls 6.1% in 1st quarter

U.S. GDP falls 6.1% in 1st quarter    The U.S. economy contracted by 6.1 percent in the first quarter of 2009, the Commerce Department reported today.
   The decline in Gross Domestic Product follows a 6.3 percent drop in the fourth quarter of 2008 as the recession deepened in the United States.
   The figures released today are based on preliminary data and will be revised in late May.
   The government said the slowdown in economic activity was due to a series of factors, including negative growth in exports, business spending on equipment and software and private inventory investment. Imports also decreased. A slight increase in consumer spending helped improve GDP from the fourth quarter.