First-Quarter GDP Shows 6.1% Contraction

The U.S. economy contracted at an annual rate of 6.1% rate in the first quarter, following the 6.3% downturn in the fourth quarter of last year, the Commerce Department said Wednesday.

Economists had forecast a 4.7% downturn and the two quarters made up the weakest six months since 1957-58, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, rose at a 2.2% annual pace in the quarter, the most in two years.