First-Quarter GDP Revised to 5.5% Contraction

The U.S. economy contracted at an annual rate of 5.5% in the first quarter, a better reading than two previous estimates, the Commerce Department said Thursday.

Commerce in its two previous estimates had said the gross domestic product contracted at a 6.1% and then a 5.7% rate. Thursday’s release was the third and final of three readings.

Economists’ forecast ranged from a 5.1% downturn to a 5.9% decline, Bloomberg reported.

The level followed a 6.3% GDP decline in the fourth quarter.