First-quarter GDP revised downward

U.S. economic growth was a bit slower than initially thought in the first quarter, according to Reuters. Gross domestic product increased at a 1.9% annual rate, the Commerce Department said, down from last month’s 2.2% estimate.

On the bright side, residential construction was revised slightly up and the retrenchment in investment on nonresidential structures was not as deep as previously thought.

Read more on the latest GDP estimate via Reuters on Fox Business.

— Kerry Curry

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