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US Economy Contracted 1 Percent in Early 2014

The U.S. says its economy contracted in the first three months of this year, battered even more than first thought by an unusually harsh winter. The government said Thursday the world's largest economy dropped at an annual rate of one percent in the January-to-March period, the first downturn in three years. An earlier estimate said the U.S. economy had advanced in the first quarter by a minuscule one-tenth of one percent. The contraction reflected slower stockpiling by...

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