US economy contracts in Q1
The larger than expected deceleration was attributed to a widening trade deficit and smaller inventories as well as a stronger dollar. Heavy winter conditions reportedly also hampered consumer spending more than previously thought.
The data showed that growth in household spending declined by 1.8% after increasing 4.4% in the last quarter of 2014. Exports fell 7.6% in the first three months while imports rose 5.6%.
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