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.
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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.