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.

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.

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)