Last Updated: June 18, 2014By

The economy performed worse than initially estimated amid severe winter weather in the first quarter, contracting for the first time in three years, the Commerce Department said Thursday.

Wall Street shrugged off the news in early trading.

The Commerce Department reported that the nation’s total economic output decreased at a 1% annual rate from January through March, down significantly from the government’s first estimate of weak, but positive, 0.1% growth for the period.

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