Revised figures from the Commerce Department showed that the U.S. economy grew more than previously estimated in the first quarter. A 0.9 percent gain in GDP from January through March compares with the government's advance estimate of 0.6 percent issued in April.
Trade remains the bright spot for the economy, as
Americans bought fewer goods from abroad in the first quarter, helping the
trade deficit shrink to a five-year low. However, the economy is likely to slow
in this next quarter as fuel and food bills surge and falling home values force
consumers to cut back.
a complete roundup from Bloomberg.com >>
U.S. Economy Expands Faster Than Previously Estimated
May 29, 2008