(MENAFN) Data showed that the world's first-largest economy has contracted in the first three months of the year, but still missed previous forecasts, Arab News reported.
The economy, as measured by the gross domestic product, shrank at a seasonally adjusted annual rate of 0.2 percent from January through March, the Commerce Department said.
The figure is better than last month's estimate of a 0.7 percent decrease. More recent data show that the weakness was largely temporary, with a rebound in the works for the April-June quarter.
Harsh winter weather slowed spending by keeping consumers away from shopping and auto dealerships. The trade deficit ballooned, slicing growth by the most since 1985 as exports fell and imports rose.
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