US Economy Shrinks by 6.1% in Q1, 2009

This just in: the GDP numbers for the first quarter are out and they are worse than expected. The economy slowed down by 6.1% year on year. Forecasters had expected a 4.7% drop.
 
Still, commentators are keeping a stiff upper lip and arguing that this is great news as it means that inventories are dwindling and this is necessary for the economy to rebound. Sounds somewhat improbable, but then these are the same commentators that didn't call the crisis a year ago. Don't pay much attention.