The U.S. Commerce Department released gross domestic product (GDP) figures on Friday. The U.S. revised GDP climbed 0.8% in the first quarter, up from the preliminary estimate of a 0.5% rise, after a 1.4% in the fourth quarter. Analysts had expected the U.S. economy to expand 0.9% in the first quarter.
The upward revision was partly driven by a downward revision of the trade deficit.
Consumer spending rose by 1.9% in the first quarter, in line with the previous estimate.
Exports fell 2.0% in the first quarter, up from the preliminary estimate of a 2.6% fall, while imports were down 0.2%, down from the preliminary estimate of a 0.2% rise.
The PCE price index increased 0.3% in the first quarter, in line with the preliminary estimate, after a 0.3% rise in the fourth quarter.
The PCE price index excluding food and energy costs increased 2.1% in the first quarter, in line with the preliminary estimate, after a 1.3% rise in the fourth quarter.
The PCE price index is the Fed’s preferred gauge for inflation.
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