U.S. GDP in first quarter raised to 1.1%

By Jeffry Bartash, Market Watch–

The U.S. economy’s annual growth rate in the first quarter was raised again to 1.1%, revised figures show, but it was still one of the weakest performances in the past several years.

Exports actually rose slightly instead of falling and business investment was not as dismal as previously reported, according to the government’s second update. Those changes accounted for the upward revision in gross domestic product, the official scorecard for the U.S. economy.

On a negative note, consumer spending was revised to show the smallest gain in two years.

Although first-quarter growth was twice as strong as the Commerce Department’s original reading, the slow start in 2016 might be enough to prevent the U.S. from reaching 3% annual growth for the 11th straight year.

Check out the rest of the article;