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US economy contracts 0.7 percent in Q1
(MENAFN) The US economy shrank at an annual rate of 0.7 percent in the first quarter of 2015, marking the third quarterly contraction, Xinhua reported.
The bitterly cold winter weather is blamed to pummel personal consumption and private inventory investment, dragging down growth to the negative territory.
Personal consumption increased 1.8 percent in the first quarter, compared with an increase of 4.4 percent in the fourth quarter of 2014.
Nonresidential fixed investment decreased 2.8 percent, in contrast to an increase of 4.7 percent in the previous quarter. Exports dived 7.6 percent, compared with an increase of 4.5 percent in the fourth quarter.
The bitterly cold winter weather is blamed to pummel personal consumption and private inventory investment, dragging down growth to the negative territory.
Personal consumption increased 1.8 percent in the first quarter, compared with an increase of 4.4 percent in the fourth quarter of 2014.
Nonresidential fixed investment decreased 2.8 percent, in contrast to an increase of 4.7 percent in the previous quarter. Exports dived 7.6 percent, compared with an increase of 4.5 percent in the fourth quarter.
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