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US Q1 economic growth revised higher

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US Q1 economic growth revised higher

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It seems US economic growth did slow in the first three months of this year, but not as sharply as initially thought.

Though there was no revision to consumer spending, which accounts for more than two-thirds of US economic activity, gross domestic product rose at a 0.8 percent annual rate according to the Commerce Department’s second estimate.

The first reading – issued last month – was of 0.5 percent expansion.

Home building surged with spending on residential construction increasing by 17.1 percent revised from the previous 14.8 percent.

There are also signs of improvement in April, with retail sales, goods exports, industrial production, housing starts and home sales all up.

Though January to March still saw the weakest economic growth since the first quarter of last year, these numbers give Federal Reserve policymakers more reason to raise interest rates sooner rather than later.

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