Gross domestic product, the broadest measure
of goods and services produced across the economy, fell at a seasonally
adjusted annual rate of 2.9% in the first quarter, the Commerce
Department said in its third reading of the data Wednesday.
That
was a sharp downward revision from the previous estimate that output
fell at an annual rate of 1%. It also represented the fastest rate of
decline since the recession, and was the largest drop recorded since the
end of World War II that wasn't part of a recession.
To
be sure, many signs since March, including reports of growth in
consumer spending, business investment and hiring, indicate the first
quarter doesn't mark the start of a new recession. And revisions in
future years could alter the first-quarter figure.
Read more: U.S. Economy Shrinks by Most in Five Years - WSJ
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