Old Man Winter slapped the economy, which contracted for the first time in three years in the first quarter, government data showed on Thursday.
The Commerce Department reported Thursday that gross domestic product contracted by 1.0 percent annual rate in the first three months of 2014, a downward revision from the government's previous estimate of a 0.1 percent growth rate.
Economists had expected first-quarter GDP to show a contraction of 0.4 percent.
The first-quarter's performance was the weakest since the first quarter of 2011, but the economy has been showing signs of emerging from the winter doldrums. Economists are expecting the economy to accelerate in the spring quarter, based on improvements in the job market, housing and manufacturing.
-- Reuters contributed to this report.
First published May 29 2014, 5:50 AM
Patrick J. Rizzo
Patrick Rizzo is the business editor for NBC News Digital. He started this role in November of 2008. Rizzo is responsible for NBC Newsâ€™ coverage of the economy and business.
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Rizzo joined NBCNews.com from The Associated Press, where he was economics editor. In that role, Rizzo was responsible for the APâ€™s coverage of the economy, particularly the dual U.S. housing and financial crisis and the Great Recession.
Prior to The AP, Rizzo was at Reuters, where he spent 18 years covering a wide range of general news and business stories.
Rizzo lives in New York City, with his wife Kathryn Lu and his two children, Dylan and Alessandra.