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Ranchers.net

WE TOLD YOU SO!!!!!!!!!!!!!!!!


By MARTIN CRUTSINGER
AP Economics Writer
WASHINGTON (AP) - The U.S. economy was battered even more than first suspected by the harsh winter, actually shrinking from January through March. The result marked the first retreat in three years, but economists are confident the downturn was temporary.

Gross domestic product contracted at an annual rate of 1 percent in the first quarter, the Commerce Department said Thursday. That was worse than the government's initial estimate last month that GDP during the period grew by a slight 0.1 percent. The economy last posted a decline in the first three months of 2011 when it dropped 1.3 percent.

This year's weakening reflected slower stockpiling by businesses, a cutback in business investment and a wider trade deficit.

Dan Greenhaus, chief strategist at BTIG, called the drop in growth "backward looking."
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