U.S. GDP Dropped 1% In The First Quarter 2014, Down From First Estimate

Forbes reports:

New data shows the U.S. economy contracted in the first quarter of this year, keeping pace with shifting expectations but down sharply from the prior — already disappointing — estimate.

On Thursday, the Bureau of Economic Analysis’ second estimate of real gross domestic product showed output produced in the U.S. declined at an annual rate of 1% in the first quarter of 2014. This is relative to fourth quarter 2013, when real GDP increased 2.6%.

The estimate is down significantly from BEA’s 0.1% advance estimate released last month and makes Q1 the U.S. economy’s worst quarter in three years.

No word yet on whether Jay Carney will blame the weather or the Koch brothers for the drop in GDP.