US economic growth in the first three months of the year was faster than previously estimated, the Commerce Department reported on Thursday.
Gross domestic product, the broadest measure of economic output, increased at an annualized rate of 1.3% in the first quarter, up from an initial estimate of 1.1% reported last month. GDP is adjusted for inflation and seasonality.
The change was mostly driven by an upward revision to inventory investment, which includes finished goods, materials, or works in progress being saved for a later date.
This story is developing and will be updated.
