US Economy Contracted Less Than Estimated in First Quarter of 2015

The US economy contracted in the first three months of the year, just not as much as previously estimated. More recent data shows that the weakness was largely temporary, with a rebound in the works for the April-June quarter.
The economy, as measured by the gross domestic product, shrank at a seasonally adjusted annual rate of 0.2% from January through March, the Commerce Department said on Wednesday. That’s better than last month’s estimate of a 0.7% decrease.
Harsh winter weather slowed spending by keeping consumers away from shopping malls and auto dealerships. The trade deficit ballooned, slicing growth by the most since 1985 as exports fell and imports rose.