Oops — the economy shrank in the first quarter (HBJ)

GDP fell by 0.7 percent in the first quarter, according to a revised estimate by the Commerce Department.

Photo Courtesy of HBJ

By Kent Hoover

The U.S. economy was even worse than we thought in the first quarter: Gross domestic product fell by a seasonally adjusted annual rate of 0.7 percent in the first quarter, according to the Commerce Department.

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