2023-06-30 05:05:00
He gross domestic product of the first quarter of USA was revised significantly upward to a 2% annualized rateaccording to data released Thursday.
The updated estimate of GDP from the Bureau of Economic Analysis reflected upward revisions to the exports and the consumer spending. Household spending, the engine of the US economy, rose at a rate of 4,2%the highest in almost two years, thanks to the upward adjustment of expenses in services.
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On the other hand, the main indicators of inflation closely followed by the Federal Reserve were reviewed slightly down. The price index for personal consumption expenditures, excluding food and energy, increased by 4.9% in the first trimester.
The other main indicator of economic activity, gross domestic income, painted a different picture. Although improved from a previous estimate, the indicator fell 1.8% in the first quarterwhich represents a second consecutive decline.
Averaging gross domestic income and GDP, the economy grew only 0.1%.
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