U.S. Economy Shrank 2.9% in First Quarter
WASHINGTON, D.C. (Worthy News)– The Gross Domestic Product fell at a 2.9 percent annual rate, the economy’s worst performance in five years. Growth has been revised down 3.0 percent since the government’s first estimate was published in April, worse than economists’ expectations.
The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy’s worst performance in five years, instead of the 1.0 percent pace it had reported last month.
While the economy’s woes have been largely blamed on an unusually cold winter, the magnitude of the revisions suggest other factors at play beyond the weather. Growth has now been revised down by a total of 3.0 percentage points since the government’s first estimate was published in April, which had the economy expanding at a 0.1 percent rate. — Source
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