The United States economy contracts by 6.1% in the first fiscal quarter of 2009.
The government reported gross domestic product shrank at a 6.1 percent yearly rate, but the numbers suggested that the worst of the recession may be easing.
- AP via ''New York Times (Image)
- Harley-Davidson, a US motorcycle manufacturer, states that it intends to shift export production for the EU overseas. The company reports that the decision is related to rocky trade relations between the European Union and the United States.
- Toys "R" Us considers closing all its stores in the United States.
- After struggling with debt from a leveraged buyout, Claire's files for chapter 11 bankruptcy in the United States. The company has issued a statement that it expects its stores to remain operational while it restructures its debt.
- Shortly after the announcement of the closure of Toys "R" Us stores in the UK, the company announced that they will close down all 800 stores in the United States, resulting in the loss of about 33,000 jobs.
- Multinational U.S. conglomerate Honeywell announces plans to spinoff its Homes, ADI Global Distribution, and Transportation Systems businesses into two separate, publicly-traded companies by the end of 2018.