May 29 (Bloomberg) -- The U.S. economy contracted for the first time in three years from January through March. Gross domestic product fell at a 1 percent annualized rate in the first quarter, the Commerce Department said today.
Separately, initial jobless claims fell by 27,000 to 300,000 in the week ended May 24, a Labor Department report showed. Michael McKee reports on Bloomberg Television's "In the Loop." (Source: Bloomberg)