First-Quarter GDP Revised Upward to 1%

The U.S. economy grew at a 1% annual rate in the first quarter, higher than a previous report, the Commerce Department said Thursday.

The increase in the gross domestic product was the third of three reports on GDP growth. It followed a preliminary 0.9% estimate last month and a 0.6% in April.

The gain matched economists’ forecasts, Bloomberg reported.

The U.S. economy posted a 0.6% gain in the fourth quarter.

Consumer spending rose 1.1% in the quarter, slightly higher than the 1% estimated last month, Commerce said.