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Economy not quite so bad in 1st quarter, revised to 0.2% contraction

The stumble in economic growth in the first quarter of the year wasn't quite as bad as an earlier estimate, with growth revised Wednesday to just a slight contraction.

Gross domestic product, the broadest look at economic activity, decreased at a 0.2% annual rate from January through March, the Commerce Department said.

That was an improvement over the 0.7% contraction reported last month but down sharply from 2.2% growth in the fourth quarter of 2014.

The third and final estimate of first-quarter growth was in line with analyst forecasts. The Commerce Department said exports fell less than in the second estimate released in May, while imports and consumer spending had larger increases.