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U.S. GDP Shrinks Less Than Last Estimated

Bloomberg business news

U.S. Economy Shrank in First Quarter

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The world’s largest economy shrank less in the first quarter than previously estimated, aided by a bigger gain in consumer spending.

Gross domestic product in the U.S. fell at a 0.2 percent annualized rate, revised from a previously reported 0.7 percent drop, data from Commerce Department showed Wednesday in Washington. That matched the median forecast of 76 economists surveyed by Bloomberg.