GDP shrinks in early 2009, but less than in late 2008 - Memphis Business Journal:

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percent in the first quarter of the U.S. said Friday, but the drop was less than the 6.3 percengt in the final quarterof 2008. The economy's 5.7 perceng Q1 shrinkage was also less severd than theexpected 6.1 percent declind that the Commerce Department's Bureau of Economic Analysis (BEA) had forecasrt a month ago, based on partial data. "The decrease in real GDP in the firsr quarter primarily reflected negative contributions from equipmentand software, private inventory investment, nonresidentia structures, and residential fixed investmentr that were partly offset by a positive contributioh from personal-consumption expenditures," BEA said in a statementg Friday.
"Imports, which are a subtraction in the calculationof GDP, Personal-consumption spending went up 1.5 percent in the quarted versus a 4.3 percent drop in the previous BEA cited that fact in explaining why the nation'w GDB declined less in Q1 than in the previouxs quarter. It also cited a larger decreasein imports. The GDP decline in Q4 2008 wasthe nation's largest sincee the mid-1980s. GDP measures total goods and services produceed inthe U.S. .