Bad news for the economy—it's gone down farther than expected in the first quarter of 2014, by one percent. That's a ways off from the 0.1 percent increase that the Commerce Department had projected. And it's the first time the economy has shrunk since 2011.

According to Bloomberg, most economists were predicting a half-percent drop for this year's first quarter. Analysts say the reason for the decline is that companies are adding inventory at a slower pace, which experts say can't and won't last. The good news is that gains are expected in the second quarter—Morgan Stanley projects a 4.2 percent increase.

In 2013, the economy grew by 1.9 percent, and the year before that, it gained 2.8 percent. According to the Labor Department, employers added 288,000 workers in April alone, with 203,000 more in March and 222,000 more before that in February.

Reach Executive Producer Cassie Paton here. Follow her on Twitter here.