In a major shock to economists, the Commerce Department released a report on Wednesday showing a substantial downward revision to the pace of U.S. economic growth in the first quarter of 2013.
The Commerce Department said its final reading on first quarter gross domestic product showed 1.8 percent growth, well below the previous estimate of a 2.4 percent increase.
The sharp downward revision to the pace of GDP growth came as a surprise to economists, who had expected the increase to be unrevised.
A notable downward revision to the increase in consumer spending contributed to the much weaker than previously estimated growth.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.