- Economy shrinks for third time since expansion began
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- US economy shrank at 0.7 percent rate in first quarter
WASHINGTON (AP) — The U.S. economy went into reverse in the first three months of this year as a severe winter and a widening trade deficit took a harsher toll than initially estimated.
- Japan data show spending, factory output muted as yen falls
TOKYO (AP) — Japanese data on Friday showed a mixed outlook for the world's third-largest economy while a renewed decline in the value of the yen is adding to uncertainty over whether the recovery is gaining ground.
- US economy likely shrank in 1st quarter but rebound expected
WASHINGTON (AP) — A brutal winter, plunging investment by energy companies and a widening trade gap likely combined to shrink the U.S. economy at the start of the year. But the slump is expected to prove short-lived.
- Michigan unadjusted joblessness 4.8 percent, down 0.9 points
LANSING, Mich. (AP) — The state says Michigan's seasonally unadjusted unemployment rate dropped to 4.8 percent in April, down 0.9 points from the previous month and 2.1 points from a year earlier.