U.S. economic growth in the first three months of the year came in line with expectations, according to a report released by the Commerce Department on Thursday, with the pace of growth unrevised from the previous estimate.
The Commerce Department said that GDP increased at an annual rate of 1.9 percent in the first quarter compared to the 3.0 percent growth seen in the fourth quarter. The unrevised pace of growth came in line with the expectations of economists.
Downward revisions to exports, consumer spending, and private inventory investment were offset by an upward revision to non- residential fixed investment and a downward revision to imports, which are a subtraction in the calculation of GDP.
by RTT Staff Writer
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