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US economy grew much faster in first quarter that previously believed
The U.S. economy was much stronger in the first quarter of 2023 than it initially seemed, according to data released Thursday by the Commerce Department. U.S. gross domestic product (GDP) grew at an annualized rate of 2 percent in the first quarter, according to revised data released Thursday, far faster than the 1.3 percent annualized growth rate estimated by government officials earlier this year. The first-quarter growth rate has been revised substantially higher from the 1.1 percent annualized rate first reported by the Bureau of Economic Analysis earlier this year. The revision is much bigger than what is ... (full story)