Official figures: US economy shrank by 0.7% in January-March period
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In the US, official figures indicate that the economy got off to an even weaker start this year than previously estimated. The US Commerce Department reported on Friday that the overall economy shrank at an annual rate of point-seven percent in the January to March period. The figure, measured by gross domestic product, was a reversal of the initial point-two percent growth for the period reported last month. It also marked the first decline in economic output in the U-S since the first three months of 2014, when the economy contracted at a two-point-one percent rate. Economists believe a large trade deficit and slower consumer spending as well as harsh winter weather caused the downward revision. However, they are expecting a rebound in the current quarter, hoping the economy would strengthen later this year. Live @ http://www.presstv.ir/live.html Twitter @ http://twitter.com/PressTV LiveLeak @ http://www.liveleak.com/c/PressTV Facebook @ http://www.facebook.com/PRESSTV Google+ @ http://plus.google.com/+VideosPTV Instagram @ http://instagram.com/presstvchannel
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Very Well! Yet needed deflation and Wellcome China SUN!
4m 2sLenght
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