U.S. First-Quarter GDP Growth Revised Up to 2.1%, Commerce Department Data Show

The U.S. government released updated data on Thursday showing that U.S. economic growth in the first quarter was higher than the previously estimated 1.6%. According to Odaily, U.S. Commerce Department data showed that the final reading for seasonally adjusted and inflation-adjusted real GDP rose at an annualized quarterly rate of 2.1% in the first quarter. The Commerce Department said the upward revision was mainly due to a downward revision in the pace of import growth during the quarter. Consumer spending growth was also revised lower. The final reading for real personal consumption expenditures in the first quarter showed a quarterly increase of 0.5%, the slowest growth rate in four years.