The U.S. economy shrank in the first three months of 2025, with the latest government data showing a deeper contraction than previously estimated as consumer spending lost momentum and a surge in imports widened the trade gap.
Gross domestic product declined at an annual rate of 0.5 percent in the first quarter, the Commerce Department said Thursday, marking the economy’s first contraction since early 2023. The figure was revised down from the previous estimate of a 0.2 percent decline and stood in sharp contrast to the 2.4 percent growth recorded in the fourth quarter of last year.
The pullback was driven largely by an increase in imports…
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