Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the first quarter of 2023 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.3 percent. The updated estimates primarily reflected upward revisions to exports and consumer spending that were partly offset by downward revisions to nonresidential fixed ... (full story)

The U.S. economy showed much stronger than expected growth in the first quarter than previously thought, according to a big upward revision Thursday from the Commerce Department. Gross domestic product increased at a 2% annualized pace for the January-through-March period, up from the previous estimate of 1.3% and ahead of the 1.4% Dow Jones consensus forecast. This was the third and final estimate for Q1 GDP. The upward revision helps undercut widespread expectations that the U.S. is heading toward a recession. According to a summary from the department’s Bureau of Economic Analysis, the change came in large part ... (full story)