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.
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