U.S. Economic Growth Revised Down to 3.1% in Q1

by Naharnet Newsdesk 30 May 2019, 15:37

U.S. economic growth at the start of 2019 was slightly slower than originally reported but remained robust despite President Donald Trump's extended government shutdown, according to new data released Thursday.

GDP growth in the January-March quarter was revised to 3.1 percent, one tenth lower than reported last month, as American companies spent less on equipment and software but exports rose and consumers bought more cars than previously thought, according to the Commerce Department.

But the data showed a sharp drop in corporate profits, which took their biggest quarterly tumble in more than three years.

Source: Agence France Presse

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