A pedestrian walks past a store in Washington D.C., the United States, Feb. 16, 2022. (Photo by Ting Shen/Xinhua)
Some economists fear this could mean the nation might be headed for another recession, commonly defined as two quarters of declines in GDP.
NEW YORK, May 27 (Xinhua) -- The U.S. economy shrank in the first quarter of this year at a slightly faster rate than initially reported, CNN cited the Bureau of Economic Analysis on Thursday.
U.S. gross domestic product, the broadest measure of economic activity, decreased at an annualized rate of 1.5 percent between January and March, adjusted for seasonal swings, according to the second estimate of the data.
"Some economists fear this could mean the nation might be headed for another recession, commonly defined as two quarters of declines in GDP," said the report.
Last month, the Commerce Department's advance estimate of the data showed GDP had contracted at a rate of 1.4 percent. Economists had expected Thursday's revisions to improve slightly, with a decline of 1.3 percent.
The update was driven by revisions to private inventory and residential investments, even as consumer spending was revised higher. However, higher imports to feed continued strong demand were a drag on GDP in the first months of the year, according to the report. ■
