US Economy in Q1 – Shrunk by most in five years

The U.S. economy contracted at a worse pace than previously estimated in the first quarter, marking its sharpest pullback since the recession ended five years ago.

Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 2.9% in the first three months of the year, according to the Commerce Departments third reading released Wednesday. That was the fastest rate of decline since the first quarter of 2009, when output fell 5.9%.

Commerce had previously estimated output fell by 1% in the first quarter as manufacturers drew down inventories rather than produce new goods and as unusually harsh weather kept consumers at home and shut down work sites. Exports also declined after a surge late last year.

Chosen excerpts by Job Market Monitor. Read the whole story at 

via U.S. Economy Shrunk By Most in Five Years – WSJ.