GDP Revised Down for Q1, Indicating That Economy Contracted

Washington, DC, June 1, 2015—The U.S. gross domestic product for the first three months of 2015 was revised down, clocking in at -0.7% and indicating that the economy actually contracted in the first quarter.

The Commerce Department originally reported that the GDP had grown 0.2% in early 2015.

Factors that impacted the slow down include the U.S.’s poor trade performance in the first quarter, wintery weather in some parts of the country, and the slowdown at west coast ports.