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U.S. gross home product shrank at a 1.4% annual price within the first quarter as provide disruptions weighed on the economic system, although stable shopper and enterprise spending recommend progress will resume.

The decline in U.S. gross home product marked a pointy reversal from a 6.9% annual progress price within the fourth quarter, the Commerce Division mentioned Thursday. The primary quarter was the weakest since spring 2020, when the Covid-19 pandemic and associated shutdowns drove the U.S. economic system right into a deep—albeit quick—recession.

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