The US economy has continued to contract, according to the US Bureau of Economic Analysis.

The advance estimate for Q1 2009 gross domestic product shows that the US economy contracted at a seasonally adjusted annualised rate of 6.1% in the first quarter of this year following a 6.3% contraction in the previous quarter.

The figure is markedly worse than the consensus expectation, which was for a decline of 4.7%, representing the first time in over 30 years that output has contracted in three consecutive quarters.