Economics
Economy in U.S. Shrinks for Third Time Since Expansion Began
U.S. GDP Shrank 0.7% in First Quarter
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For the third time since the expansion began in June 2009, the U.S. economy suffered a setback.
Gross domestic product shrank at a 0.7 percent annualized rate in the first quarter, revised from a previously reported 0.2 percent gain, according to Commerce Department figures issued Friday in Washington. That’s the weakest reading since frigid winter temperatures derailed growth at the start of 2014.