Report: U.S. Economy Contracted 2.9% In First Quarter

The Bureau of Economic Analysis released its third and final estimate of real gross domestic product for the first three months of 2014.

As the latest data show, the United States economy contracted significantly more than previously estimated at an annual rate of 2.9%. The numbers at the time showed that it was relative to fourth quarter 2013, when real GDP grew 2.6%. It is now officially on record that Q1′s economy is as bad as it was this time in 2009, which was the worst part of the recession.

“The bad weather in much of the U.S. in early 2014 …read more