US Economy Contracted In First Quarter of 2014

They have a term for a contracting economy, I believe.

Incorporating the new data, J.P. Morgan ChaseJPM +0.13% on Tuesday estimated GDP contracted at a 0.8% rate in the first quarter. Macroeconomic Advisers put the contraction at 0.7%. Barclays Capital predicted a 0.6% decline. Pierpont Securities estimated output fell at a 0.4% rate. Action Economics estimated a 0.2% decline.

Unless the economy really gets going, we have a very good chance of two consecutive quarters of negative GDP.