Economy Grew 0.9% in First Quarter
The federal government said the economy grew 0.9% in the first quarter in its second estimate of gross domestic product, a slight increase from its first read and in line with expectations.
The growth outpaced the 0.6% the Bureau of Economic Analysis
in its advance estimate. Economists had forecast 0.9% growth.
The small increase reflected increased personal consumption expenditures for services, exports and services, federal government spending and private inventory investment, offset by residential fixed investment and personal consumption expenditures of durable goods. Imports, which weigh on GDP, decreased.
The second, or preliminary, estimate is not the government's final read of first-quarter GDP. A final revision will be made public next month.
This article was written by a staff member of TheStreet.com.