<\/span><\/p>\n Today’s news…<\/a><\/p>\n WASHINGTON (AP) — The economy shrank at a worse-than-expected 6.1 percent pace at the start of this year as sharp cutbacks by businesses and the biggest drop in U.S. exports in 40 years overwhelmed a rebound in consumer spending.<\/span><\/p>\n The Commerce Department’s report, released Wednesday, dashed hopes that the recession’s grip on the country loosened in the first quarter. Economists surveyed by Thomson Reuters expected a 5 percent annualized decline.<\/span><\/p>\n Instead, the economy ended up performing nearly as bad as it had in the final three months of last year when it logged the worst slide in a quarter-century, contracting at a 6.3 percent pace. Nervous consumers played a prominent role in that dismal showing as they ratcheted back spending in the face of rising unemployment, falling home values and shrinking nest eggs.<\/span><\/p>\n <\/p>\n April 26 (Bloomberg) — The U.S. economy will continue to contract \u201cfor some time to come,\u201d said Lawrence Summers<\/a>, director of the White House National Economic Council. <\/a><\/p>\n \u201cI expect the economy will continue to decline,\u201d with \u201csharp declines in employment for quite some time this year,\u201d Summers said today on \u201cFox News Sunday.\u201d<\/p>\n <\/p>\n Over the last few months our business has been holding up well, we have seen an uptick in business over the same quarter last year and we have picked up quite a number of new customers. Many of the new … Continue reading
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