Economic activity in the U.S. contracted for the first time in a year in the first quarter of 2015, according to revised data released by the Commerce Department on Friday.
The report said gross domestic product fell by 0.7 percent in the first quarter compared to the previously reported 0.2 percent uptick. The drop came on the heels of a 2.2 percent increase in the fourth quarter.
The revised decrease in GDP in the first quarter was still slightly smaller than the 0.8 percent drop expected by economists.
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