US Economy Shrinks 1% in First Quarter

May 29, 2014 05:48 PM
This program will begin at
This program has ended and is being processed for playback.

A harsh winter appears to have battered the U.S. economy more than first thought. The Commerce Department says the economy actually shrank a full percent in the first three months of the year - worse than initial estimates that showed the economy grew, but just barely, by one tenth of one percent between January and March. The latest estimate of gross domestic output marks the first contraction in three years. But as Mil Arcega reports, analysts are confident the slowdown is temporary.