U.S. Economy Shrinks for First Time since 2011
Thursday, May 29, 2014 | Tag Cloud Tags: deficit, Economy, News, Trade, Worthy News | Learn about out FREE SYNDICATION
(Fox Business /Worthy News)– 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.
Economists estimate severe weather could have chopped off as much as 1.5 percentage points from GDP growth. The government, however, gave no details on the impact of the weather.
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