Hints of Recovery

GDP contracted 5.7% during the first quarter, slightly less than the Federal Reserve had initially reported. Manufacturing output fell about 14%, with durables down 19%, and nondurables off 9.1%. Chemical production dropped 11.3% during the quarter. Consumer spending grew about 1.5%, slightly more than initially reported. Manufacturing output fell 0.3% in April, compared with March, a much more mild drop than in previous months and an indication that the free-fall that characterized the last quarter of 2008 and the first quarter of 2009 will not extend into the...

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