Economic Report: Another first-quarter shocker: U.S. GDP falls 0.7%

The economy contracted in the first quarter for the second straight year, a disappointing start that could foil the chance of the U.S. reaching 3% growth in 2015 for the first time in a decade. Gross domestic product – the value of everything a nation produces – shrank at a 0.7% annual rate instead of growing 0.2% as first reported.

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