 "US economy")
The US economy contracted in the first quarter amid a record trade deficit, the government confirmed on Wednesday, but that picture is misleading as domestic demand was strong.
Gross domestic product fell at a 1.6% annualized rate last quarter, the government said in its third GDP estimate. That was revised down from the 1.5% pace of decline reported last month.
The economy grew at a robust 6.9% pace in the fourth quarter.
Economists polled by Reuters had forecast the pace of contraction would be unrevised at a 1.5% rate.
The decline in GDP last quarter also reflected a slower pace
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
