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US economy shrank 0.7% in first quarter

The US economy contracted 0.7 percent in the first quarter of 2015, the Commerce Department said Friday, with the impact of a ports slowdown and cautious consumer spending worse than originally estimatedThe US economy contracted 0.7 percent in the first quarter of 2015, with the impact of a ports slowdown and cautious consumer spending worse than originally estimated. The Commerce Department’s revised estimate of gross domestic product Friday confirmed the stall in the first three months of the year, which had raised worries about the underlying strength of the world’s largest economy six years after the Great Recession.

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