Economy Shrank Less Than Initially Thought in First Quarter
Gross domestic product, a broad measure of the goods and services produced across the U.S., contracted at a 0.2% rate in January through March, the Commerce Department said Thursday.
The rate is seasonally and inflation-adjusted.
The department estimated a month ago that first-quarter GDP contracted at a 0.3% rate. GDP estimates are routinely revised as more data comes in.
Imports rose slightly more than initially expected, increasing at a 42.6% annual rate as companies sought to get ahead of tariffs, compared to an earlier estimate of 41.3%.
The first-quarter GDP was the first contraction in three years, and the numbers signify how companies were rushing to get ahead of President Trump's announced tariffs.
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