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Economy dived 2.9% in 1st-quarter revision

Posted: June 26, 2014 at 5:36 a.m.

The U.S. economy shrank at a steep annual rate of 2.9 percent in the January-March quarter as a harsh winter contributed to the biggest contraction since the depths of the recession five years ago. But the setback is widely thought to be temporary, with growth rebounding solidly since spring.

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