The U.S. economy shrank at a faster pace in the beginning of the year than originally reported, as new economic data showed a more significant drop in consumer spending.

U.S. economic growth declined more than initially estimated, with an increase in imports and a decline in government spending pushing activity lower, according to Thursday’s (June 26)

Consumer spending and exports fell slightly in the latest estimate, leading to a downward revision. Imports, which dragged down overall output during the first three months of the year, also came in smaller.