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US economy contracted in first quarter of 2015

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Harsh winter weather led US economy to shrink in the first quarter of the year.

The US Department of Commerce has announced that the economy contracted in the first three months of 2015 because of harsh winter weather.

The department said on Wednesday that the economy shrank at a seasonally adjusted annual rate of 0.2 percent from January through March, the Associated Press reported.

Spending decreased due to weather conditions and consumers were kept away from shopping malls and auto dealerships.

Meanwhile, exports fell 5.9 percent and imports increased 7.1 percent in the first quarter.

Consumer spending growth also slipped to 2.1 percent, which is down from 4.4 percent in the final three months of 2014.

New surveys show Americans' satisfaction with the direction of the country continues to fall as they remain worried about government dysfunction and the country’s economic problems.

A new poll by Gallup showed only 26 percent of Americans said they were satisfied with the way things are going in the nation.

The latest data was from Gallup's May 6-10 poll.

AGB/AGB


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