So the US economy contracts -2.9% annualised and it’s foreign policy has become incoherent. 1937 all over again? Paul Mason @paulmasonnews
US economy suffers worst decline in 5 years
By Associated Press
June 25, 2014 | 10:20am
The US economy shrank at a steep annual rate of 2.9 percent in the January-March quarter as a harsh winter contributed to the biggest contraction since the depths of the recession five years ago. But the setback is widely thought to be temporary, with growth rebounding solidly since spring.
The first-quarter contraction reported Wednesday by the Commerce Department was even more severe than the 1 percent annual decline it had estimated a month ago. Besides the harsh winter, much of the downward revision reflected a drop in health care spending. Another factor was a bigger trade deficit than initially estimated.
Though such a sharp decline would typically stoke fears of another recession, analysts see it as a short-lived result of winter storms that shut factories, disrupted shipping and kept Americans away from shopping malls and auto dealerships. They say the economy is rebounding in the April-June quarter. Many expect growth to reach a robust annual rate of at least 3.5 percent this quarter.
https://nypost.com/2014/06/25/us-economy-shrank-2-9-in-q1-worst-decline-in-5-years/?utm_campaign=SocialFlow&utm_source=NYPTwitter&utm_medium=SocialFlow
