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U.S. Economy Contracts In First-quarter On Inventories, Trade

4 years ago4 views

wochit

Wochit

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 percent 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.



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