US economy shrinks at slower pace

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The US economy shrank in the first three months of 2009 at a slower pace than had originally been estimated by the Commerce Department.

Gross domestic product (GDP) declined by an annual rate of 5.7% in the first quarter, less than the 6.1% that had been estimated in April.

It also turned out that corporate profits after taxes had risen by 1.1% over the period.

This is the first time corporate profits had risen for a year.

GDP measures the total value of goods and services produced in a country.

It has shrunk for three consecutive quarters in the US - the first time that has happened since 1975.