The US economy shrank 0.5% in the first quarter, much faster than previously reported

The US economy contracted in the beginning of the year at a much faster pace than previously reported, as tariff fears took a much greater toll on economic growth.

Gross domestic product, the broadest measure of economic output, registered an annualized rate of -0.5% from January through March, the Commerce Department said Thursday in its third and final estimate. That’s worse than the 0.2% decline reported in the second estimate. GDP is adjusted for seasonal swings and inflation.

This is a developing story and will be updated.