US Economy Saw Slight Contraction

The US economy contracted at an annual pace of 0.2% in the first quarter of the year after being hit by bad weather, spending cuts among energy firms and the strong dollar.
The latest figure is an upgrade from the previous estimate of a 0.7% contraction.
Despite the contraction, economists believe that by the end of the three month period growth was recovering.
By May, retail sales, housing and employment figures had all improved.