The US economy is still in a bad way, but it is improving; GDP shrank at an annual rate of 5.7 percent between January and March. The figures have just been revised upwards from the government’s initial estimate of 6.1 percent.
That is better that the final three months of 2008 when the world’s largest economy shrank 6.3 percent from the same period a year earlier. The Commerce Department also said corporate profits went up for the first time in a year, rising 1.1 percent after taxes; that is a vast improvement on the previous quarters 10.7 percent fall. US economic activity was dragged down by cutbacks in business, federal government, residential and non-residential investment as well as by a drop in exports.