More US pain as economy shrinks 6.1 per cent

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This afternoon's official data were far worse than expected, and bad enough to make even Britain's 4.1 per cent contraction look creditable.

Exports from the US were hammered by the fall in demand, and businesses preferred to sell down stock at their warehouses rather than order new goods.

However, optimists pointed out that this could be a good thing, as it means customers will inevitably soon be running out of stockpiles and will have to start ordering goods again.

Also, consumer spending rose by more than 2 per cent.