Five years is a long time for the US economy. First-quarter GDP contracted at a surprisingly high 2.9 per cent annualised rate in the final accounting released by the Bureau of Economic Analysis on Wednesday. That's the biggest drop since the first three months of 2009. Back then, output, jobs, investment, trade and the markets were heading in a different direction. The latest downward revisions were primarily a result of a decline in net exports and healthcare consumption. If weather was to blame for the trade figures, as was probably the case, then much of it will bounce back. ...
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