The United States economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported on Thursday, in a slight downgrade of its previous estimate for the January-March quarter.Last quarter’s drop in the US gross domestic product — the broadest gauge of economic output — does not likely signal the start of a recession. The contraction was caused, in part, by a wider trade gap: The nation spent more on imports than other countries did on US exports. The trade gap slashed first-quarter GDP by 3.2 percentage points.And a slower restocking of goods in stores and warehouses, which had built up their inventories in the previous quarter for the 2021 holiday shopping season, knocked nearly 1.1 percentage points off the January-March GDP.
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