June 28 (UPI) — The U.S. economy expanded at a slower pace than estimated in the first quarter, according to Commerce Department data released Thursday.
The national gross domestic product increased at a 2.0 percent annual rate during the quarter — instead of the 2.2 percent pace reported last month — amid the weakest consumer spending performance in nearly five years.
From January through March, consumers spent less and the housing market continued to weigh on growth, the report said.
The revision is weaker than previously reported by the government, as consumers spent less on finance and insurance services and non-profits spent less on healthcare purchases. The retail industry also spent less on inventory investment.
Investments in home building also fell, reported in the first quarter at a 1.1 percent rate instead of declining at a 2.0 percent pace as reported last month.
Real gross domestic income increased 3.6 percent in the first quarter, a revision up 0.8
percent reflected in corporate profits based on revised Census Quarterly Financial Report data and updated company financial reports.