Government Makes Sharp Reduction to Q1 GDP
Washington, DC, June 26, 2013 -- U.S. economic growth in the first quarter was more subdued than previously estimated, according to the Commerce Department.
Gross domestic product expanded at a 1.8% annual rate, lower than the previous estimate of 2.4%.
The downward revision was largely due to lower consumer spending, which increased 2.6% rather than 3.4%. Non-residential construction, which fell 8.3%, was another drag on growth.