WKYT | Lexington, Kentucky | News

Economy dips at slightly lower 5.5 percent pace

The economy tumbled at a 5.5 percent pace in the first quarter, but appears to be doing better now. The Commerce Department said Thursday the revised reading on gross domestic product shows the economy from January through March didn't fall as deeply as the 5.7 percent annualized decline reported a month ago. Economists were predicting the government would stick with its previous estimate. The main forces behind the small upgrade: businesses didn't cut stockpiles of goods as much and imports dropped more sharply than previously estimated.

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