The U.S. economy grew at a 3.5-percent annual rate in the first quarter, faster than the 3.1 percent estimated a month ago, the Commerce Department reported.
The revisions to real gross domestic product were largely due to an unexpected decline in the trade deficit in March.
The upward revision was just shy of analysts' expectations. Economists were predicting a revision to about 3.6 percent. The economy grew at a 3.80 percent rate in the fourth quarter of 2004. The core personal consumption expenditure price index rose 2.2 percent, unchanged from the initial estimate last month. (MarketWatch)
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