Bad to worse: US economy shrank more than expected in Q1 The latest revisions reflect a weaker pace of ****healthcare spending*** than previously assumed, which caused a downgrading of the consumer spending estimate. Trade was also a bigger drag on the economy than previously thought. The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economys worst performance in five years, instead of the 1.0 percent pace it had reported last month. The difference between the second and third estimates was the largest on records going back to 1976, the Commerce Department said. Economists had expected growth to be revised to show it contracting at a 1.7 percent rate. cnbc/id/101787838#.
Posted on: Thu, 26 Jun 2014 20:32:40 +0000
Trending Topics
Recently Viewed Topics
© 2015