Free Exchange puts the one percent decline in context:

[It's] worth remembering that output declined at a 2.7% pace in the third quarter of last year, a 5.4% pace in the fourth, and a 6.4% pace in the first quarter of this year. That 3.9% year-over-year decline is the worst showing for the American economy since records began in 1947. Considering all of that, this number is a great big green shoot.

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