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U.S. economy shrank at 1 percent rate in 1st quarter

By The Associated Press

This article was published May 29, 2014 at 9:13 a.m.

WASHINGTON — The U.S. economy was battered even more than first suspected by the harsh winter, actually shrinking from January through March. The result marked the first retreat in three years, but economists are confident the downturn was temporary.

Gross domestic product contracted at an annual rate of 1 percent in the first quarter, the Commerce Department said Thursday. That was worse than the government's initial estimate last month that GDP during the period grew by a slight 0.1 percent. The economy last posted a decline in the first three months of 2011 when it dropped 1.3 percent.

This year's weakening reflected slower stockpiling by businesses, a cutback in business investment and a wider trade deficit. Economists expect a robust rebound in the April-June quarter as the country shakes off the effects of a severe winter.

The government released a separate report Thursday that showed applications for unemployment benefits, a proxy for layoffs, fell by 27,000 last week to 300,000. The result is nearly a seven-year low.

Comments on: U.S. economy shrank at 1 percent rate in 1st quarter

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Displaying 1 - 6 of 6 total comments

GCW says... May 29, 2014 at 4:20 p.m.

Isn't that a recession?

( | suggest removal )

DontDrinkDatKoolAid says... May 29, 2014 at 4:26 p.m.

Only if it happens this qrt. also.

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Got2Kids says... May 29, 2014 at 4:41 p.m.

Somehow the libs will find a way to blame Bush.

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outinthesticks says... May 29, 2014 at 5 p.m.

"...but economists are confident the downturn was temporary." "Economists expect a robust rebound in the April-June quarter as the country shakes off the effects of a severe winter." Which economists? Obama's?

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GrimReaper says... May 29, 2014 at 8:13 p.m.

Yep! Just in case the real economy doesn't rebound robustly in the 2nd quarter they will
very likely cook the books even more than usual to make the propaganda one appear to
have done so.

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Populist says... May 29, 2014 at 8:44 p.m.

All I know is that I see Help wanted signs and new construction wherever I go. For those who are unskilled and poorly educated, things are never going to be that good unless you live in an area with many skilled workers who need the services of the unskilled. The unskilled manufacturing jobs went overseas with NAFTA and CAFTA etc.

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