The U.S. economy shrank at a 5.7 percent annual pace in the first three months of this year.
Friday's
report from the Commerce Department said the decline was a bit less
(0.4 percent) than estimated earlier, and better than the prior
quarter.
Many government economic experts and private
economists say the worst of the recession may have passed, and they
predict slow economic growth will resume later this year.
Other
economic reports Friday showed U.S. business activity declining faster
in a key region, while consumers grew less pessimistic.
Consumer
sentiment hit its highest level since September, but remained at a
relatively low level. Economists track consumer confidence for clues
about the consumer demand that drives most U.S. economic activity.
A
separate report from an industry group said the pace of business
activity in the U.S. Midwest fell even faster in May than in the
previous month.
Some information for this report was provided by AP and Reuters.
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