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U.S. Economy Shrank in First Quarter
America's gross domestic product contracted by an annualized 0.7% in January-March compared with the same period in 2014, according to the U.S.
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America's gross domestic product contracted by an annualized 0.7% in January-March compared with the same period in 2014, according to the U.S. Dept. of Commerce.
The department's Bureau of Economic Analysis initially estimated the economy grew by 0.2% in the first quarter. The bureau says real GDP increased 2.2% in the fourth quarter of 2014.
Analysts attribute the first-quarter slump to a harsh winter, reduced spending by state and local governments and a strong dollar that hurt exports. They say initial indications are that the American economy began expanding again in the current quarter.
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