U.S. economy endured a first-quarter slump
The economy got off to an even weaker start this year than first thought, the federal government said today, as economic activity contracted amid a disappointing trade picture and continued caution on spending by businesses and consumers alike, the New York Times reported. The 0.7 percent decline in economic output in the first quarter of 2015 was a reversal of the initial 0.2 percent advance for the period reported last month by the U.S. Commerce Department.
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