First quarter economic growth was actually 2%, up from 1.3% first reported in major GDP revision

Posted on AllSides June 29th, 2023
From The Center
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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 growth rate was 2.6% in the fourth quarter.

The upward revision helps undercut widespread expectations that the U.S. is heading toward a recession.

According...

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