As reported by The Wall Street Journal Wednesday, the U.S. economy shrank even more in the first quarter than previously estimated, marking its sharpest contraction since the recession (supposedly) ended five years ago:
Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 2.9% in the first three months of the year, according to the Commerce Department’s third reading released Wednesday.
That was the fastest rate of decline since the first quarter of 2009, when output fell 5.9%. Commerce had previously estimated output fell by 1% in the first quarter.
Hey, no problem, right? Data and statistics are often adjusted upon later review.