Revised data released by the Commerce Department on Wednesday showed U.S. economist activity shrank by slightly more than previously estimated in the first quarter of 2022.
The report showed the decrease in real gross domestic product in the first quarter was revised to 1.6 percent from the previously reported 1.5 percent. Economists had expected the drop in GDP to be unrevised.
The slightly bigger than previously estimated decline in GDP in the first quarter came on the heels of the 6.9 percent spike in GDP in the fourth quarter of 2021.
