Economy Contracted in First Quarter
Washington, DC, May 28, 2014 -- The U.S. economy contracted in the first quarter, according to revised data from the Bureau of Economic Analysis.
The bureau's second estimate of real gross domestic product showed the U.S. economy declined at an annual rate of 1% in the first quarter.
In the final quarter last year, real GDP increased 2.6%.
The initial estimate was for a 0.1% advance.
The revision, BEA said, was largely due to a decline in private inventories that was larger than initially estimated.