GDP Advanced At 5.6% In First Quarter

As economists generally expected, the U.S. Commerce Department, on its third and final reading of first-quarter GDP, has revised the rate upward to 5.6%.

The department's first reading of inflation-adjusted GDP was a 4.8% annual rate for the January through March quarter. Its second reading was a 5.3% rate.

Both consumer spending and exports were higher than had been previously reported.
GDP in the first quarter of this year was just over $13 trillion, at a seasonally adjusted annual rate.

The first report on second quarter GDP is scheduled to be released on July 28. Most economists figure the U.S. economy has been growing at an annual rate of about 3% in the April through June quarter.

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