The US economy shrank at the start of the year, restrained by weaker consumer spending and even more imports than initially reported.
Gross domestic product decreased at a 0.2% annualized pace in the first quarter, the second estimate from the Bureau of Economic Analysis showed Thursday. That compared with an initially reported 0.3% decline.
The economy’s primary growth engine — consumer spending — advanced 1.2%, compared with an initial estimate of 1.8%. Net exports subtracted 4.9 percentage points, slightly more than the first projection.
GDP figures are revised multiple times as more data become available, enabling the government to fine-tune its estimate. The first projection, released in late April, showed the economy contracted for the first time since 2022. The final estimate is due next month.
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