The US economy faces a steeper climb back to positive territory after one of the country’s worst winters on record helped push first-quarter gross domestic product figures down an annualised 3 percentage points more than original estimates.
Revisions to healthcare spending as well as freezing weather in the Midwest turned April’s estimate of 0.1 per cent growth into an annualised 2.9 per cent decline for the world’s largest economy. The figure was much worse than analysts’ estimates of a revision to minus 1.9 per cent.
But the gloomy data – the worst since the global recession – do not appear to herald a new downturn in the US economy. About two-thirds of the revision was due to healthcare and most of the rest reflected weaker trade.
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