Market Updates
U.S. GDP Contracts on Deeper Winter Slowdown
Mukesh Buch
29 May, 2014
New York City
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The U.S. gross domestic product in the first three months on 2014 declined at 1% annual compared to first estimate of 0.1% increase, the Commerce Department reported today.
The U.S. gross domestic product in the first three months on 2014 declined at 1% annual compared to first estimate of 0.1% increase, the Commerce Department reported today.
The decline in the first quarter is the first since the fall in the first quarter in 2011 and the fall in activities was largely linked to slower buildup of inventories by businesses.
Difficult weather also played a key role and non-residential construction plunged 7.5% compared to the previous estimate of 0.2% increase.
The government agency also revised higher consumer spending to 3.1% from the 3% increase in the previous estimate and housing construction fell 5%, less than the initial estimate of 5.7%.
The growth in exports was revised lower to annual rate of 6% from the initial estimate of 7.6%.
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