Economy
U.S. GDP Revised Lower to Show Negative Growth in First Quarter
June 5, 2014 UPDATE:
The third and final revision to the U.S. Gross Domestic product (GDP) – the lead measure of growth of a country’s economy fell -2.9 percent in the first quarter 2014.
” Real gross domestic product — the output of goods and services produced by labor and property located in the United States — decreased at an annual rate of 2.9 percent in the first quarter of 2014 according to the “third” estimate released by the Bureau of Economic Analysis.”
— Source: U.S. Department of Commerce, Bureau of Economic Analysis
This 3rd revision to the U.S. GDP numbers makes this the worst quarterly drop in economic growth in an (officially) “non-recession” quarter in U.S. history. Read More…