U.S. economic growth pace downwardly revised to 2.4 percent in first quarter

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. 

Real 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.