Economic Crisis, Shrinking Economy | featured news

Soaring unemployment and a shrinking economy drove delinquencies on credit card debt to an all-time high in the first quarter.

The U.S. economy shrank slightly less in early 2009 than previously thought, the government reported on Thursday, though there was widespread weakness in activity and demand was soft.

The economy’s decline in the quarter was not quite as bad as the government originally believed, kindling hope that the economy could resume growing by the end of 2009.

Japan's economy recorded its steepest contraction on record in the first quarter, sliding 4%.