Breaking: GDP shrank by 1.4% annualized rate in first quarter

The nation’s gross domestic product — the broadest measure of economic activity — declined at an annualized rate of 1.4% between January and March.

That was a marked slowdown from the 6.9% growth pace recorded in the final quarter of last year, and the worst performance since the pandemic recession in the second quarter of 2020. Economists had predicted an annualized growth rate of 1.1%, according to Refinitiv.