Indicators
US First-Quarter Growth Revised Up to 2% on Exports, Consumers
- Gross domestic product revised from prior estimate of 1.3%
- Consumer spending increased by most in nearly two years
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US gross domestic product was revised up notably to a 2% annualized advance in the first quarter, data showed Thursday.
The government’s third estimate of GDP for the period reflected upward revisions to exports and consumer spending. Household spending, the engine of the US economy, rose at a 4.2% pace — the strongest in nearly two years — as services outlays were adjusted higher.