U.S. 1st-quarter GDP contraction revised down to 1.6%

Politics Economy

The U.S. government revised downward on Wednesday the country's economic contraction for the January to March period by another 0.1 point to an annualized real 1.6 percent. The latest GDP data, revised down from a second estimate released in May, mainly reflects a downward revision of personal spending growth from 3.1 percent to 1.8 percent, according to the Commerce Department. The decrease was partly offset by upward revisions to investments, including capital investment to 10 percent. Housing investment remained unchanged at 0.4 percent. Growth will likely remain almost flat in the second q...

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