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Politics : Liberalism: Do You Agree We've Had Enough of It?
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From: tonto5/29/2014 10:40:45 AM
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Chilly 1Q: U.S. Economy Contracts for First Time Since '11
Published May 29, 2014
Reuters






The U.S. economy contracted in the first quarter for the first time in three years as it buckled under the weight of a severe winter, but there are signs activity has since rebounded.

The Commerce Department on Thursday revised down its growth estimate to show gross domestic product shrinking at a 1.0 annual rate.

It was the worst performance since the first quarter of 2011 and reflected a far slower pace of inventory accumulation and a bigger than previously estimated trade deficit.

The government had previously estimated GDP growth expanding at a 0.1 percent rate. It is not unusual for the government to make sharp revisions to GDP numbers as it does not have complete data when it makes its initial estimates.
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