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| Version 0 | Version 1 |
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| US economy shrank in first quarter | US economy shrank in first quarter |
| (35 minutes later) | |
| The US economy shrank 0.7% in the first three months of 2015, compared to the same period last year. | The US economy shrank 0.7% in the first three months of 2015, compared to the same period last year. |
| The Bureau of Economic Analysis significantly revised down its earlier economic growth estimate of 0.2%. | The Bureau of Economic Analysis significantly revised down its earlier economic growth estimate of 0.2%. |
| The previous calculation underestimated the rise in the volume of imported goods and overestimated capital investment by companies, it said. | The previous calculation underestimated the rise in the volume of imported goods and overestimated capital investment by companies, it said. |
| The US economy last contracted in the first quarter of 2014, when it shrank by 2.1%. | |
| As was the case last year, a harsh winter may have been partly to blame for falling goods and services production in the US. | |
| Consumer spending, which accounts for about 70% of economic activity, slowed to 1.8% growth in the first quarter, slightly below the 1.9% growth initially estimated. | |
| The Bureau also highlighted the impact of weak exports and government spending. | |
| The strong US dollar has pushed up imports and lowered exports. At current dollar prices, GDP slipped further from 0.1% growth to a 0.9% contraction. | |
| The revision in GDP prompted investors to shift to traditionally safer assets, such as bonds. This is why yields on US Treasuries have fallen as their price has risen. |