U.S. Economy Contracts in First-Quarter on Inventories, Trade

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.

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