Revised data released by the Commerce Department on Thursday showed the U.S. economy shrank by more than previously estimated in the first quarter of 2025.
The Commerce Department said real gross domestic product fell by 0.5 percent in the first quarter compared to the previously reported 0.2 percent dip. Economists had expected the decrease by GDP to be unrevised.
The bigger than previously estimated decline primarily reflecting downward revisions to consumer spending and exports that were partly offset by a downward revision to imports, which are a subtraction in the calculation of GDP.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.