Economy Shrinks Most in Five Years

The gross domestic product of the U.S. fell at a 2.9 percent annualized rate in the first quarter of 2014, the worst three months since the depths of the recession in 2009. The downward revision by the Commerce Department was not only larger than forecast, but the biggest downward revision since record-keeping began in 1976. The major cause of the slowdown appears to be a drop in health-care spending.