U.S. economy posts sharpest contraction since recession

The U.S. economy declined 2.9% in the first quarter, rather than expanding 0.1%, as the government had estimated. The shrinkage, the worst since Q1 of 2009, was caused by weakening exports, a drawdown of inventories, less-than-expected spending on health care and severe winter weather.

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Washington Post (tiered subscription model), The · Wall Street Journal (tiered subscription model), The · Christian Science Monitor, The · Politico (Washington, D.C.)

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