File - Ships wait to be loaded at the Port of Los Angeles in Long Beach in this February 13, 2015 photo, as ports are partially closed due to a dispute between staff and bosses along the key trade frontline with Asia. AFP PHOTO/Mark RALSTON
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The U.S. economy contracted in the first quarter as it buckled under the weight of unusually heavy snowfalls, a resurgent dollar and disruptions at West Coast ports, but activity has rebounded modestly.The government Friday slashed its gross domestic product estimate to show GDP shrinking at a 0.7 percent annual rate instead of the 0.2 percent growth pace it estimated last month.With growth estimates for the second quarter around 2 percent, the economy seems poised for its worst first-half performance since 2011 .When measured from the income side, the economy expanded at a 1.4 percent rate in the first quarter.Mining exploration, shafts and wells investment plunged at a 48.6 percent pace in the first quarter, the largest drop since the second quarter of 2009 .The value of inventory accumulated in the first quarter was revised down to an increase of $95 billion from the lofty $110.3 billion increase reported last month.
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