U.S. Economy Shrinks

For the first time since 2011, the U.S. economy shrank. Gross domestic product in the first quarter of 2014 fell 1 percent, a bigger decline than the 0.1 percent increase that was projected by the Commerce Department. Most economists had expected a half-percent drop. Analysis is pointing to companies adding inventory at a weaker pace and less investment. For the year 2013, the economy expanded by 1.9 percent, after a 2.8 percent gain in the previous year. Employment numbers have been strong in recent months, as employers added 288,000 workers in April, following 203,000 in March and 222,000 in February, according to the Labor Department.