The Bureau of Economic Analysis (BEA) originally calculated the first quarter economy at a scale of -1.4% growth. The BEA revises that figure downward today with more data showing a contracted level of consumer spending [DATA HERE].  The economy contracted by -1.5% in the revised numbers.Gross Domestic Product (GDP) is the dollar value of all goods and services produced in the economy, minus the dollar value of goods and services we import. The percentages discussed are percentages of change over time.

GDP Figures Revised Downward, U.S. Economy Shrinks 1.5 Percent in First Quarter, Things are Getting Much Worse