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United States
Publication year - 2014
Publication title -
economic outlook
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.1
H-Index - 8
eISSN - 1468-0319
pISSN - 0140-489X
DOI - 10.1111/1468-0319.12107
Subject(s) - quarter (canadian coin) , recession , economics , census , investment (military) , falling (accident) , basis point , percentage point , demographic economics , finance , macroeconomics , geography , interest rate , demography , political science , medicine , population , environmental health , archaeology , sociology , politics , law
The US economy suffered its worst quarter since the Great Recession in Q1 with real GDP falling 2.9% on an annualized basis. The main downward revision to activity came from lower consumer spending on services with the previously estimated advance of 4.3% being revised down to only a 1.5% gain. Newly available data from the Census Bureau's quarterly services survey indicated a much smaller contribution to growth for the sector from 1.9 percentage points to 0.7 percentage points. Housing and business investment fared poorly while net trade imposed a sharp drag on growth…