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U.S economy shrinks adding fears of recession

The US economy shrank at a slightly faster rate than previously estimated during the first quarter.
 
With one quarter of negative economic growth in the books, the data from the Bureau of Economic Analysis adds to fears that a recession may be looming.
 
Real gross domestic product declined at an annualized rate of 1.6% from January to March.
 
Previously, the advance estimate released in April showed a contraction of 1.4%.
 
 Last month, that was revised to a decrease of 1.5%.


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