Uncle Sam cut spending and businesses drew down inventories in the fourth quarter of 2012, causing the U.S. economy to contract for the first time in more than three years.
But don't start throwing around the R-word just yet.
"No one I know would seriously call this an indicator of recession," said Bill Hampel, chief economist with the Credit Union National Association.
Gross domestic product, the broadest measure of the nation's economic growth, contracted at an annual rate of 0.1% from October to December, the Commerce Department said Wednesday. It was the first quarterly contraction since the second quarter of 2009, amid the Great Recession.
One day after he flew to the Las Vegas area to push immigration reform, President Obama is expected to keep a relatively low profile Wednesday. While the president will not be making a public appearance, he is scheduled to sit down for interviews with Telemundo and Univision as he continues his immigration push. Also of note, Obama and Hillary Clinton are set to hold a private lunch as the outgoing Secretary of State gets set to formally resign her post.
Meanwhile, White House Press Secretary Jay Carney will brief reporters at 12:30 PM ET.