WASHINGTON — The U.S. economy shrank at a 0.7 percent annual rate in the first three months of the year, depressed by a severe winter and a widening trade deficit.
The government’s revision for last quarter was weaker than its initial estimate of a 0.2 percent growth rate. The U.S. trade gap — the difference between the value of exports and the larger value of imports — was found to be wider than first estimated. And consumer spending was slower than previously thought.
Read Saturday’s Arkansas Democrat-Gazette for full details.