New York
CNN Business
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America’s economy shrank in the first quarter of the year at a slightly faster rate than initially reported, the Bureau of Economic Analysis said Thursday.
US gross domestic product, the broadest measure of economic activity, decreased at an annualized rate of 1.5% 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.
Last month, the Commerce Department’s advance estimate of the data showed GDP had contracted at a rate of 1.4%. Economists had expected Thursday’s revisions to improve slightly, with a decline of 1.3%.
The update was driven by revisions to private inventory and…
