MW: U.S. GDP revised to 5.5% decline in first quarter
WASHINGTON (MarketWatch) - The U.S. economy contracted at a violent 5.5% pace in the first quarter, capping the worst six-month stretch in more than 60 years, the Commerce Department estimated Thursday. A month ago, the government estimated the economy fell at a 5.7% pace in the January-through-March quarter. The revisions were largely trivial and don't alter the big picture of an economic calamity in the six months following the collapse of Lehman Bros. The main changes in Thursday's report were higher inventories and lower imports than previously estimated. Consumer spending, business investment, residential investments, and exports were revised lower.
