The beginning of the year was not just bad for the United States economy: It was, on paper at least, the worst quarter since the last recession ended five years ago.The Commerce Department revised its estimates of first-quarter gross domestic product Wednesday to show that the economy contracted at a 2.9 percent annual rate. A combination of shrinking business inventories, terrible winter weather and a surprise contraction in health care spending drove the first-quarter decline, which is the worst since the first quarter of 2009, when the economy shrank at a 5.4 percent rate.
Blogs I Follow
- Looking forward to reading some new Sarah Shun-lien Bynum
- “Novels are machines for falsely generating belief”… essay on fiction, by Zadie Smith in The New York Review of Books
- The Big Sleep, by Raymond Chandler
- Fiasco, by Thomas Ricks
- Adam and Allison Grant rewrite children’s books and much fiction: “Noble deed doers, you should first lecture the victims and help them help themselves more otherwise you are an enabler…”
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