GDP

Business
8:40 am
Thu May 29, 2014

U.S. GDP Fell 1 Percent; First Drop In 3 Years

Originally published on Thu May 29, 2014 12:39 pm

Revising its early numbers for the first quarter of 2014, the Commerce Department says the U.S. economy shrank by 1 percent at an annualized rate. Last month, estimates of the quarter's gross domestic product had shown a small gain of 0.1 percent.

Government analysts blame the slump on "a significant decline in inventory investment," especially among car dealerships. They also say U.S. exports declined along with spending on housing and government programs.

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