The U.S. economy expanded slightly faster in the first quarter than previously projected, the Bureau of Economic Analysis (BEA) reported.
According to the second estimate published on May 25, the gross domestic product (GDP) climbed at an annualized rate of 1.3 percent in the first three months of 2023, up from the advance estimate of 1.1 percent. However, this is still down from the 2.6 percent expansion in the fourth quarter and below economists’ expectations.
Personal consumption contributed 2.5 percent to the GDP reading, up from 2.48 percent in the original estimate. Change in private inventories added 0.58 percent to the bottom line, up from 0.54 percent. Government spending chipped in 0.89 percent, up from 0.81 percent. Fixed investment erased 0.03 percent, up from negative 0.07 percent. Net exports added just 0.01 percent, down from 0.11 percent….