Topics

Jobs and Workplace
Economy shrinks for first time in 3 years; markets shrug off report
Economy shrinks for first time in 3 years; markets shrug off report

The economy performed worse than initially estimated amid severe winter weather in the first quarter, contracting for the first time in three years, the Commerce Department said Thursday. Wall Street shrugged off the news in early trading. The Commerce Department reported that the nation's total economic output decreased at a 1% annual rate from January through March, down significantly from the government's first estimate of weak, but positive, 0.1% growth for the period. Recent data indicate that the recovery has picked up this spring. But the new report shows just how bad things were during the winter and how much ground the economy has to make up to hit the 3% overall...

Loading