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US economy shrank at 1% pace in first quarter

An American Flag is viewed in a ferry terminal on April 30, 2014 in New York CityEconomic output as measured by gross domestic product (GDP) fell at an annual rate of 1.0 percent in the first quarter, the Commerce Department said, sharply revising lower the initial estimate of 0.1 percent growth. The Commerce Department’s revision was much worse than analysts expected; “Negative GDP growth is rare in expansions, declines of more than a couple of tenths rarer still and two declines of one percent in one expansion unheard of until now,” said Chris Low of FTN Financial. Analysts view the slump as largely weather-related after the economy grew 2.6 percent in the 2013 fourth quarter.

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