U.S. GDP Growth Contracts 6.1 Percent

U.S. GDP growth contracted by 6.1 percent in the first three months of the years,sending the U.S. dollar tumbling against Japanese Yen and rising against higher yielding currencies. The data was much worse than the market's forecast which is part of the reason we are seeing a fresh wave of risk aversion this morning. The sharp drop off came from a decline in private investment and a contraction in both imports and exports. Government spending also fell for the first time 6 quarters.

LEER MAS