U.S. economy contracts in first quarter; dollar hurts corporate profits

``The government on Friday slashed its gross domestic product estimate to show GDP shrinking at a 0.7 percent annual rate instead of the 0.2 percent growth pace it estimated last month... Trade was hit both by the strong dollar and the ports labor dispute... that resulted in a trade deficit that subtracted 1.90 percentage points from GDP, the largest drag in 31 years, instead of the 1.25 percentage points reported last month. '' -- What happened to "double-seasonal adjusting" ???