Straight from that arm of the vast right-wing conspiracy,
US economy shrinks 0.1 pct., first time in 3 ½ years; deep cut in defense spending key factor
And it was unexpected!
Economists said the surprise decrease in the nation’s gross domestic product wasn’t as bad as it looked. The weakness was primarily the result of one-time factors. Government spending cuts and slower inventory growth subtracted a total of 2.6 percentage points from growth.
“Frankly, this is the best-looking contraction in U.S. GDP you’ll ever see,” Paul Ashworth, an economist at Capital Economics, said in a note to clients.