US economy shrank 1%in first quarter

GMT 08:07 2014 Thursday ,29 May

Arab Today, arab today US economy shrank 1%in first quarter

Construction cranes stand near housing complex in Miami, Florida
Washington - AFP

The US economy contracted at an annual rate of one percent in the first three months of the year, a significantly weaker performance than initially estimated, official data showed Thursday.
The Commerce Department previously estimated gross domestic product grew a tepid 0.1 percent in the first quarter that was dominated by severe winter weather hampering activity.


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