FOX BUSINESS — The U.S. economy contracted at an annual rate of 1% during the first quarter, according to revised data released Thursday by the Commerce Department. It marked the first time in three years that productivity and growth have shrunk.
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Economists had predicted the weak quarter, suggesting the setback is temporary and primarily a result of an unusually harsh winter. And the downward revision in growth came as no surprise to U.S. stock markets, which barely acknowledged the report.
Congressional Republicans, meanwhile, said the first-quarter reversal in economic fortunes is a sign that the Obama administration’s economic policies aren’t working.
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