Economy shrinks by 1 percent in First Quarter
The economy in the U.S. contracted for the first time in three years from January through March as companies added to inventories at a slower pace and curtailed investment.
Gross domestic product fell at a 1 percent annualized rate in the first quarter, a bigger decline than projected, after a previously reported 0.1 percent gain, the Commerce Department said today in Washington. The last time the economy shrank was in the same three months of 2011. The median forecast of economists surveyed by Bloomberg called for a 0.5 percent drop. . . .Do you want to see what Obama's "recovery" looks like? This is the first recovery in US history where the gap between trend GDP and actually GDP has been getting bigger over time.