The U.S. economic growth rate was slightly revised down to an annual rate of 2.4 percent in the first quarter of this year from the previous estimate of 2.5 percent, the Commerce Department said Thursday.The increase in real gross domestic product (GDP) primarily reflected positive contributions from personal consumption expenditures, private inventory investment, residential fixed investment,vacuum bottle nonresidential fixed investment,prepreg and exports that were partly offset by negative contributions from federal government spending and state and local government spending, the department said in a report.Real personal consumption expenditures rose 3.4 percent in the first quarter, compared with an increase of 1.8 percent in the fourth quarter, noted the report.Real federal government consumption expenditures and gross investment decreased 8.7 percent in the first quarter against the backdrop of government spending cuts, compared with a decrease of 14.8 percent in the fourth quarter.
exports of goods and services rose 0.8 percent in the January-March
period, in contrast to a decrease of 2.8 percent in the fourth quarter.
Real imports of goods and services increased 1.9 percent in the first
quarter,Antique tubs following
a decrease of 4.2 percent in the prior quarter, said the
department.U.S. real estate sector picked up momentum in recent months
and provided support to the broader economic growth.Antique faucets Real
residential fixed investment increased 12.1 percent in the fourth
quarter, after surging 17.6 percent in the previous quarter.The change
in real private inventories added 0.63 percentage points to the
first-quarter change in real GDP, after subtracting 1.52 percentage
points from the fourth-quarter change, said the department.U.S.carbon sheet businesses
continued to make investments in the first quarter, but at a slower
pace than the previous quarter. Equipment and software spending rose 4.6
percent in the first quarter, compared with an increase of 11.8 percent
in the fourth quarter, revealed the report.