U.S. economy shrinks .7 percent

U.S. economy shrinks .7 percent

The U.S. economy shrank .7 percent in the first three months of the year, according to revised gross domestic product estimates released Friday. The decline as slightly better than the .9 percent decline, in annualized terms, that analysts surveyed by Bloomberg had projected. The numbers released Friday were a revision of earlier figures that had showed the GDP growing in the first quarter at 0.2 percent.The contraction was the U.S.’s third in the aftermath of the Great Recession.

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