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Economy Shrinks for First Time in Three Years

09-08-2014

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."

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