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Economic growth in the U.S. slowed less than previously estimated in the first three month of 2023, according to revised data released by the Commerce Department on Thursday.
The Commerce Department said gross domestic product climbed by 1.3 percent in the first quarter compared to the previously estimated 1.1 percent increase. Economists had expected the pace of GDP growth to be unrevised.
The stronger than previously estimated GDP growth primarily reflected an upward revision to private inventory investment.
Despite the upward revision, the GDP growth in the first quarter still reflects a slowdown from the 2.6 percent jump seen in the fourth quarter of 2022.
The slower GDP growth primarily reflected a downturn in private inventory investment and a slowdown in nonresidential fixed investment.
The negative contributions were partly offset by an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment.
The report also showed the jump by the personal consumption expenditures price index in the first quarter was unrevised at 4.2 percent.
Meanwhile, the surge by the core PCE price index, which excludes food and energy prices, was upwardly revised to 5.0 percent from 4.9 percent.
