U.S. economy shrank at 1% pace in 1Q

The U.S. economy shrank in the first quarter for the first time in three years as extreme winter weather, among other obstacles, exacted a heavier toll than initially believed.

According to USA Today, the national gross domestic product fell at a 1 percent annual rate for the first three months of the year, well above a previously estimated 0.1 percent increase.

The drop was at least partly due to businesses that restocked shelves even more slowly than anticipated after aggressively adding to inventories late last year.

Read more from USA Today.