Washington, DC, June 29--The final estimate of first quarter GDP was revised up to a 3.8 percent annual rate from the 3.5 percent rate reported last month, according to the Commerce Department.
The department also reported that inflation rose at a slower pace than its earlier estimate.
Economists were looking for a 3.7 percent pace in the first quarter.
Residential construction increased at an 11.5 percent annual rate in the first quarter, revised from an 8.8 percent pace estimated last month.
The personal consumption expenditures price index, a measure tied to consumer spending, rose 1.9 percent, compared with 2.1 percent estimated last month and 2.7 percent in the fourth quarter.
The GDP price index, a measure of inflation tied to the report, rose at a 2.9 percent annual rate, revised from 3.2 percent.
