In this Wednesday, Feb. 18, 2015, photo, carpenter Joe Tominc cuts wood for a post on a new construction home in Pepper Pike, Ohio. (AP Photo/Tony Dejak)
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The U.S. economy contracted in the first three months of the year, just not as much as previously estimated.Forecasting firm Macroeconomic Advisors predicts growth will reach 2.7 percent in the second quarter. And many economists agree with Guatieri that growth should reach 3 percent in the second half of the year.The economy appears to be on track for another year of modest 2 percent to 2.5 percent growth.Exports were hammered in the first quarter by a sharp rise in the dollar's value, which makes U.S. goods more expensive overseas.Imports increased 7.1 percent in the first quarter, while exports fell 5.9 percent. That widened the trade gap, cutting nearly 1.9 percentage points from growth, the most in 30 years.The saving rate rose to 5.4 percent from 4.7 percent in the fourth quarter, the highest in more than two years. Consumer spending growth slipped to just 2.1 percent, down from 4.4 percent in the final three months of last year.
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