The final estimate of the U.S. economy's growth for the first quarter of the year held steady overall according to figures released Thursday by the Commerce Department.
Although the overall estimate of U.S. GDP for the first quarter of 2012 held at 1.9 percent, matching the expectations of most economists, some of the elements contributing to the overall growth were adjusted.
According to the commerce department, estimates of U.S. imports, a net negative to domestic economic growth, were revised down, while nonresidential fixed investments were revised up, a positive.
However the positive revisions were offset by downward revisions to U.S. exports and to personal consumption expenditures, more commonly known as consumer spending.
by RTT Staff Writer
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