New York (CNN Business) America's economy fared worse than initially reported in the first quarter, according to the Bureau of Economic Analysis. US gross domestic product, the broadest measure of the American economy, shrank by an annualized rate of 5% between January and March. A preliminary report estimated the first-quarter economy shrank by 4.8%It was the worst performance for the US economy since the final quarter of 2008, when America was in the midst of the financial crisis, and put an end to six years of uninterrupted economic growth. But the revision shows that the economy was even worse than expected -- despite humming along in January and February before shutting down in March. GDP is expected to contract even more this quarter.

Source: CNN May 28, 2020 12:53 UTC