The Commerce Department lowered its estimate of growth in U.S. real GDP to a 2.9 percent contraction in the first quarter from an earlier, “second” estimate of a 1.0 percent contraction. The first quarter’s contraction was the first since the first quarter of 2011. Bloomberg reported it was the worst reading since 2009 and it was the biggest downward revision from a second estimate since records began in 1976.

“First-quarter GDP was revised down today, largely reflecting updated estimates of consumer spending on healthcare, which was substantially lower than originally reported, as well as exports, which were below the initial estimates,” wrote Jason Furman, chairman of the Council of Economic Advisers, in the White House blog. “The GDP data can be volatile from quarter to quarter; a range of other data show a more positive picture for the first quarter, and more up-to-date indicators from April and May suggest that the economy is on track for a rebound in the second quarter.”

Growth in the staffing industry is strongly correlated with GDP growth, according to research from Staffing Industry Analysts.