Breaking: U.S. GDP shrank 0.7% in first quarter of 2015

The Commerce Department says the overall economy as measured by the gross domestic product contracted at an annual rate of 0.7 percent in the January-March period.

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The revised figure, even weaker than the government’s initial estimate of a 0.2 percent growth rate, reflects a bigger trade gap and slower consumer spending.

It marked the first decline since a 2.1 percent contraction in the first three months of 2014, a slump that was also blamed on winter weather.

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