DOC: Economy Contracted By 2.9% During First Quarter

The Department of Commerce has the duty of reporting on the state of the economy every three months.  In doing so, they give a preliminary estimate, which is later revised.  Today, the DOC stated that the US GDP contracted during the first quarter of 2014 by a 2.9% annual rate.  The rate had previously been estimated to have been a contraction of 1.0%.

Read the story at CNBC.