US first-quarter GDP revised sharply higher; but consumer spending nearly stalls

WASHINGTON, June 25 (Reuters) - The U.S. economy grew faster than previously estimated in the first quarter, but consumer spending almost stalled.

Gross domestic product increased at an upwardly revised 2.1% annualized rate ‌last quarter, the Commerce Department's Bureau of Economic Analysis said in its third estimate of first-quarter GDP ‌on Thursday. Growth was previously reported to have advanced at a 1.6% pace. Economists polled by Reuters had expected that GDP growth would ​be unrevised at a 1.6% rate.

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The economy grew at a 0.5% pace in the October-December quarter. The 0.5 percentage point upgrade to growth last quarter reflected a downward revision to imports, mostly consumer and capital goods. The boost to growth from lower imports was partially offset by a sharp downgrade to consumer spending, which accounts for more than ‌two-thirds of the economy.

Growth in consumer spending ⁠was slashed to a 0.5% rate from the previously reported 1.4% pace, reflecting downward r

Fuente original: Yahoo Finance (https://finance.yahoo.com/news/us-first-quarter-gdp-revised-133506778.html)