Economy shrinks 5.5 percent in Q1, corporate profit up - Pittsburgh Business Times:

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percent in the first quartert aftera 6.3 percent decline in the last quarter of 2008. The Bureaju of Economic Analysis, which releaserd first quarter gross domestic productfigures Thursday, said the improved performance is due to a 1.4 percent increas e in real personal consumption. The declins in GDP, which measures the output of goods and services produced in the coincided with a rise incorporate profits, which increased $48.1 billion in the firsyt quarter following a $250.3 billion decrease in the fourtyh quarter of 2008. The GDP declinex reflected drops in both imports and exports as well as declininvg production of equipment and developmentand inventories.
The price index for domestic purchases fell 1 percenty on falling food anenerggy prices. Excluding those, actual prices rose 1.4 percent, the government Federal pay raises for civilian and military employeese contributedan 0.3 percent point to the chang e in first quarter domestic purchases. Exports decreased 30.6 percent and imports were down 36.4 after fourth quarter decreasesof 23.6 percent and 17.5 percent, respectively.
On the