News Canada Binary – Final US GDP contracts 2.9% vs -1.7% estimate | News Canada Binary

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.

News Canada Binary – Final US GDP contracts 2.9% vs -1.7% estimate | News Canada Binary.

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worked in the plastic blow molding industry for over 30 years in many facets from inspection ( Quality control) to development team. Have had more then a passing interest in computers and the internet for over 20 years, some Web programming and design, on-line auctions and ecommerce from 1997 till 2006 . was involved with the online auction cooperative movement from 1999- 2002 .. ran my own Domains & web servers for online sales Store fronts , promoteing my auctions called Dman-N-Company , a niche type auction site Musicplus. Richard Dambrosi

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