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U.S. GDP Dropped In The First Quarter


The U.S. economy contracted for the first time in three years during the first quarter, it was mostly due to the severe winter, but activity shows a rebound since then. The Commerce Department revised its growth estimate to show GDP shrinking at a 1.0 rate. It was the worst the economy has done since the first quarter of 2011 and showed a far slower pace of inventory accumulation and a bigger than estimated trade deficit.