U.S. Economy Shrank in First Quarter by Most in Five Years

http://www.bloomberg.com/news/2014-06-25/economy-in-u-s-shrank-in-first-quar
ter-by-most-in-five-years.html

If the GDP has negative growth  for another consecutive quarter, that will
mean we are officially in a recession.

"The U.S. economy contracted in the first quarter by the most since the
depths of the last recession as consumer spending cooled."

"Gross domestic product fell at a 2.9 percent annualized rate, more than
forecast and the worst reading since the same three months in 2009, after a
previously reported 1 percent drop, the Commerce Department said today in
Washington. It marked the biggest downward revision from the agency's second
GDP estimate since records began in 1976. The revision reflected a slowdown
in health care spending."

By Epictetus