Real GDP (gross domestic product)  — the output of goods and services produced by labor and property located in the United States — decreased at an annual rate of 6.1 percent in the first quarter of 2009, (that is, from the fourth quarter to the first quarter), according to advance estimates released by the Bureau of Economic Analysis.  In the fourth quarter, real GDP decreased 6.3 percent. The report marked the weakest six months since 1957-58.

The seasonally adjusted Trade Surplus achieved a seven year high in January and went higher in February as merchandise exports increased by 6% and imports by 4% relative to January 2009.  Relative to December 2008, exports in January 2009 increased by 8%, while imports increased by 1%. On an unadjusted basis, the value of exports in February 2009 was down 5% on February 2008, while the value of imports was down 23%. The value of exports in January 2009 was down 3% on January 2008, while the value of imports was down 28%, according to the CSO.  Food exports to UK down 9%.

Dallas real-estate mogul Harlan Crow is backing an effort to prohibit city ownership of convention hotels.

The seasonally adjusted Live Register total increased from 372,800 in March to 388,600 in April, an increase of 15,800. In the year to April 2009, there was an unadjusted increase of 188,850 (+96.6%). This compares with an unadjusted increase of 173,279 (+87.5%) in the year to March 2009. Casual and part-time workers on the Live Register was estimated at 62,000 by the CSO.

Markets news on stocks, currencies and commodities.

The Bloomberg Eurozone Retail Purchasing Managers’ Index (PMI), is based on a mid-month survey of more than 1,000 executives in the euro area retail sector and provides data one month ahead of government-issued figures. The PMI rose in April to 48.4, from 44.1 in March, indicating the weakest rate of decline since the current sequence of contraction began last June. Although sales have now fallen for 11 consecutive months, the rate of decline has eased from the series record registered last November.

The ESRI (Economic and Social Research Institute) says today that the Irish Economy will shrink 9.2 per cent in 2009, which will be the sharpest fall in economic growth experienced by an industrialised country since the Great Depression. The ESRI says employment in 2009 will be 187,300 lower than in 2008, on an annual average basis.

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

Global Irish Economic Forum: Taoiseach Brian Cowen plans to ask international business individuals from the Irish Diaspora, to help generate ideas on an economic recovery in Ireland at a major economic forum planned for Dublin next September. Many baby steps can have some potential significance but as the Taoiseach approaches the first anniversary of his elevation to the office, without evidence of any significant reform of the unfit for purpose governance and public service systems, coupled with an abject cowardice to take on vested interests, he will continue to flounder at the expense of the economy.

Irish building materials group Grafton aid today it faced the most challenging trading conditions in decades in the first four months of 2009.