"Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 6.1 percent in the first quarter of 2009," according to a press release from the Bureau of
Economic Analysis. A 6.3 percent drop was recorded in the final quarter of 2008.
"It was the third straight quarter of declines and capped the worst six months of economic activity since the late 1950's," the New York Times reports.
MIKE HOFMAN was previously editor of Inc.com and a deputy editor at Inc. magazine, which he joined in 1996. The site was nominated for a National Magazine Award for Digital Media in 2010, and was named the best business website by Folio Magazine. In 2006, Hofman was part of a team of writers nominated for a Webby Award for best business blog. He lives in New York City. @mikehofman