One Is not a Trend, but…

June 27, 2014

The U.S. Bureau of Economic Analysis released its downward revisions of Gross Domestic Product (GDP—the measure of all goods and services produced by the economy) for the first three months of this year. Now, the estimate is that the economy shrank at the rate of 2.9%. After 11 straight quarters of growth, this is the first downturn. Many are dismissing this as the result of the extreme winter weather chasing consumers indoors; consumption at restaurants was down, as were sales of clothing and footwear that would be bought at malls. Inventories also fell, as did the measure of exports.

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