U.S. economy slipped 1.6% to start year; return to growth eyed

ROWS OF FRESH cut beef is in the coolers of the retail section at the Wight's Meat Packing facility in Fombell, Pa. The U.S. economy shrank at a 1.6% annual pace in the first three months of the year even though consumers and businesses kept spending at a healthy pace, the government reported Wednesday. / KEITH SRAKOCIC / ASSOCIATED PRESS
WASHINGTON (AP) – The U.S. economy shrank at a 1.6% annual pace in the first three months of the year, the government reported Wednesday in a slight downgrade from its previous estimate for January-March quarter. It was the first drop in gross domestic product — the broadest measure of economic output — since the second…

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