Thursday, May 29, 2014
WASHINGTON (AP) — The U.S. economy was battered even more than first suspected by the harsh winter, actually shrinking from January through March. But economists are confident the contraction was temporary.
The economy contracted at an annual rate of 1 percent in the first quarter, the Commerce Department said Thursday. That was worse than the government's initial estimate last month that gross domestic product grew by a barely discernible 0.1 percent in the first quarter. It was the economy's first quarterly decline since a 1.3 percent drop in the first three months of 2011.
This what happens when you try to tax and regulate an economy into prosperity. It would be funny, except for the consequences.