Economy Shrinks for First Time in Three Years
For the first time in three years, the U.S. economy shrank, the Commerce Department announced Thursday.
In the first quarter of 2014, the nation's gross domestic product fell 1 percent.
The news comes after early government estimates predicted the economy would grow by .1 percent between January and March.
Economists blame the bad winter weather for the shrinking GDP -- and many expect a rebound in the April-June quarter.
"For those worried about a recession, it's worth remembering that employment increased by nearly 300,000 in April," USA Today quoted economist Paul Ashworth of Capital Economics. "Those numbers point to a recovery gathering some real momentum at last."