The U.S. government narrowed its budget surplus for the month of April, according to data released Tuesday by the Treasury Department.

April's surplus was $51.04 billion, which was around $16 billion lower than the year-earlier April surplus.

Separately, economists cut their estimates for the economy's growth in 2003 due to a sluggish second quarter, according a survey conducted by the Federal Reserve Bank of Philadelphia.

The economists lowered their growth estimates for gross domestic product to 2.2% from 2.5%. They also reduced growth estimates for the second quarter to 1.8% from 2.7%.