New numbers show the GDP took a nose dive in the past quarter going from 2.5 percent to just 0.1 percent, prompting analysis that America could be headed for a double dip recession. More from the Wall Street Journal.
The U.S. economy slowed in the first quarter to one of the weakest paces of the five-year recovery as the frigid winter appeared to have curtailed business investment and weakness overseas hurt exports.
Gross domestic product, the broadest measure of goods and services produced across the economy, advanced at a seasonally adjusted annual rate of 0.1% in the first quarter, the Commerce Department said Wednesday. Economists surveyed by The Wall Street Journal had forecast growth at a 1.1% pace for the quarter.
High taxes, Obamacare and economic uncertainty are coming home to roost.