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GDP Contracted at 1% Pace in First Quarter

Wall Street Journal (05/29/14) Ben Leubsdorf; Sarah Portlock

U.S. gross domestic product fell a seasonally adjusted 1.0% in the first quarter, according to the U.S. Department of Commerce. Economists polled by the Wall Street Journal had forecast a decline of 0.6% for the quarter. The contraction was the first seen in two years, when GDP fell at a 1.3% pace in the first quarter of 2011.