U.S. economic activity in the first three months of 2013 grew by slightly less than previously estimated, according to a report released by the Commerce Department on Thursday.
The report said gross domestic product increased at an annual rate of 2.4 percent in the first quarter compared to the previously reported 2.5 percent growth.
Despite the downward revision, the pace of GDP growth in the first quarter still reflects a notable acceleration from the 0.4 percent growth seen in the fourth quarter.
Jennifer Lee, senior economist at BMO Capital, said, "This minor downward revision was in our forecast, and does nothing to change our view for 2.2% growth in all of 2013, and 3.2% growth next year."
The Commerce Department said the slightly weaker than previously estimated growth reflected downward revisions to private inventory investment, exports, and state and local government spending.
The downward revisions were partly offset by an upward revision to consumer spending and a downward revision to imports, which are a subtraction in the calculation of GDP.
The report showed that consumer spending rose by 3.4 percent in the first quarter compared to the previously reported 3.2 percent increase. Spending rose at its fastest rate since the fourth quarter of 2010.
On the inflation front, the reading on core consumer prices, which exclude food and energy prices, rose by 1.3 percent in the first quarter, reflecting an upward revision from the previously reported 1.2 percent growth.
Even with the revisions, the Commerce Department noted that the general picture of overall economic activity is not greatly changed.
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