US Economy Shrinks 2.9%, More Than Expected


Published 06/25 2014 11:39AM

Updated 06/25 2014 11:43AM

New estimates show the US economy declined at a 2.9-percent annual rate in the first quarter.

That is steeper than previously reported.

The numbers from the Bureau of Economic analysis show the weakest quarter for the US economy since 2009, amid the great recession.

However, economists are not too worried. They say the nasty winter weather is responsible for much of the decline.

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