U.S. Q1 GDP growth revised up from 1.6% to 2.1%

According to the latest data released by the U.S. government on Thursday, the U.S. economy grew at a faster pace in the first quarter of this year than the previously estimated 1.6%. Data from the U.S. Department of Commerce showed that, after adjusting for seasonality and inflation, the final reading for the annualized quarterly growth rate of real GDP in the first quarter came in at 2.1%. The Commerce Department stated that this was mainly due to a downward revision in the pace of import growth in the first quarter. Consumer spending growth was also revised lower. The final reading for real personal consumption expenditures (PCE) in the first quarter came in at 0.5%, the slowest pace in four years. (Jin10)