U.S. GDP Shrank in 1Q; Durable Goods Orders Rise

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June 25 (Bloomberg) -- The U.S. economy contracted in the first quarter by the most since the depths of the last recession as consumer spending cooled. Gross domestic product fell at a 2.9 percent annualized rate, more than forecast and the worst reading since the same three months in 2009, the Commerce Department said today. A separate report showed orders for U.S. business equipment climbed in May. Michael McKee reports on Bloomberg Television's "In the Loop." (Source: Bloomberg)

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