News Headlines Article

Unexpected Drop in Health Care Spending Causes 2.9% Decline in GDP
California Healthline

An unexpected drop in health care spending — combined with other factors — caused the overall gross domestic product to decline by 2.9% in the first quarter of 2014, according to the Department of Commerce’s final quarterly GDP estimate, New York Times’ “The Upshot” reports (Irwin, “The Upshot,” New York Times, 6/25).

The overall drop in GDP was almost three times steeper than the DOC’s May estimate for the first quarter, and well below an April forecast of a 0.1% increase in GDP, Bloomberg Businessweek reports.