U.S. economy shrank in 1st quarter

(CNN) — The U.S. economy performed slightly better than expected from January through March.

However, new data shows the economy still shrank.

Gross Domestic Product measures the market value of all the goods and services produced in the economy.

It registered an annualized rate of -.2% in the first quarter, according to the Commerce Department’s second estimate released on Thursday, May 29.

An initial estimate showed that GDP fell .3%.

Either way it’s the first quarterly decline since 2022.