U.S. Economic Output Revised to Show Smaller Contraction

June 24, 2015 12:38 PM

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U.S. Economic Output Revised to Show Smaller Contraction

While nothing to brag about, the economy’s performance in early 2015 was not quite as bad as the number-crunchers in Washington had thought.

The Commerce Department said Wednesday that the economy shrank at an annual rate of 0.2 percent in the first quarter of 2015, an upward revision from the 0.7 percent contraction reported last month.

Also read: Economy: Jobless claims drop to lowest since 1973; housing starts jump 11%

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