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.

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