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MinnEcon Blog
Paul Tosto

1st Q Gross Domestic Product: No sign of recovery yet

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Hopes that an economic upswing was just around the corner took a hit this morning as the Commerce Department reported a 6.1 percent decline in the nation's economy during the first quarter of 2009.

It was a steeper drop than what forecasters expected. It is a first look subject to revision. And the stock market seems to be shrugging off the info this morning. Still it dashes hopes that things would turn quickly.