US economy shrank 0.5% in Q1 on import surge ahead of tariffs
The US economy contracted more than previously estimated in the first three months this year, according to government data released Thursday, with consumer spending and exports weaker than expected.
US GDP decreased at an annual rate of 0.5 percent in the first quarter, according to the Department of Commerce, down from an earlier estimate of a 0.2 percent decline.
The US economy shrank more than initially projected in the first quarter of the year, as per updated government figures released on Thursday.
The revised data from the Commerce Department shows the Gross Domestic Product (GDP) fell at an annual rate of 0.5 percent, a steeper drop than the previously estimated 0.2 percent decline. The downward revision reflects softer-than-expected consumer spending and weaker export performance.
*With Agency Inputs