Final US GDP contracts 2.9% vs -1.7% estimate
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The Future is Binary – The final read on first-quarter U.S. gross domestic product showed a contraction of 2.9 percent. It had been expected to show a contraction of 1.7 percent. In a separate report, U.S. durable goods orders fell 1.0 percent in May; economists had expected a flat reading from the previous month.
The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy’s worst performance in five years, instead of the 1.0 percent pace it had reported last month.
While the economy’s woes have been largely blamed on an unusually cold winter, the magnitude of the revisions suggest other factors at play beyond the weather. Growth has now been revised down by a total of 3.0 percentage points since the government’s first estimate was published in April, which had the economy expanding at a 0.1 percent rate.