US Q1 economy shrinks 0.7%

WASHINGTON, D.C.: The US economy contracted 0.7 percent in the first quarter of 2015, with the impact of a ports slowdown and cautious consumer spending worse than originally estimated.

The Commerce Department’s revised estimate of gross domestic product confirmed the stall in the first three months of the year, which had raised worries about the underlying strength of the world’s largest economy six years after the Great Recession.