Economy shrank 2.9% in 1Q, worst drop since '09

The U.S. economy turned in its worst quarter in five years during the first three months of 2014, shrinking more sharply than previously estimated.

The nation's gross domestic product fell at a 2.9 percent annual rate, compared to the 1 percent contraction predicted.

The decline was the sharpest since growth tumbled 5.4 percent in the first quarter of 2009, during the Great Recession. It was also one of the worst falloffs outside of a recession since 1960, according to USA Today.

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