First-Quarter GDP Revised Downward to 3%

First-quarter gross domestic product was revised downward to 3% from an originally reported 3.2%, the Commerce Department said Thursday.

The increase followed a 3.6% annual-rate increase in GDP in the fourth quarter.

The first-quarter GDP gain was below economists’ forecasts of a 3.4% increase, Bloomberg said.

Consumer spending, which accounts for about 70% of the economy, rose 3.5%, down from an originally reported 3.6%.

Thursday’s figure was the second of three; Commerce will revise it once more.