U.S. economy shrinks to 0.1%

The U.S. economy unexpectedly shrank from October through December for the first time since 2009, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth. The drop occurred despite sharp consumer spending and business investment.

That was a sharp slowdown from the 3.1 % growth rate in the July-September quarter.


Courtesy: THE HINDU