Commerce Department: U.S. Economy Contracted In First Quarter
The U.S. economy contracted in the first quarter of this year, according to new numbers from the Commerce Department, which reported that the U.S. GDP shrank at a 0.7 percent seasonally-adjusted annual rate in the first quarter.
Bad weather and a strong dollar that hurt U.S. exports are thought to be contributing factors. Here & Now’s Jeremy Hobson speaks with Mike Regan of Bloomberg News about the report, and also about the latest on negotiations over Greece’s debt.
- Michael Regan, editor at Bloomberg News. He tweets @Reganonymous.
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