// IP Marketing video - START// IP Marketing video - END

U.S. economy suffers worst performance for five years

U.S. economy suffers worst performance for five years

PanARMENIAN.Net - The U.S. economy suffered its worst performance for five years in the first quarter of 2014, latest figures show, according to BBC News.

The economy shrank at an annualized rate of 2.9% in the first three months of the year, the third estimate from the U.S. Commerce Department showed.

This was worse than the previous estimate of a 1% contraction, and also worse than economists' expectations for a fall in GDP of 1.7%.

The unusually cold weather in the quarter has been blamed for the fall.

The gap between the second and third estimates of U.S. growth for the quarter is the largest on record.

The latest revision came as a result of a weaker pace of healthcare spending than previously assumed, which caused a downgrading of the consumer spending estimate.

Trade was also a bigger drag on the economy than previously thought.

Despite the worse-than-expected figures, more recent unemployment, manufacturing and service sector data all point to a sharp turnaround in the second quarter.

 Top stories
Yandex and Uber said they will join forces in the six countries to create a new company operating in some 127 cities.
“A more efficient and reliable energy distribution network is important for economic growth in Armenia”, - said Sonali Tang.
As the National Statistical Service reports, imports to Armenia totaled $803.7 million, registering a 17.9% increase year-on-yea
75.8 million kWh of Armenian electricity have been shipped to the Georgian market in the first quarter of 2017.
Partner news