First Quarter Growth Upgraded to 1.4 Percent

(CN) — The U.S. economy got off to a slow start during the first three months of 2017, but it was a wee bit stronger that earlier estimated.

The Commerce Department said Thursday the gross domestic product, the broadest measure of economic health, grew at an annual rate of 1.4 percent in the first quarter — better than a previous estimate of 1.2 percent.

Still, it is well below President Donald Trump's ambitious growth targets.

The upgrade reflects new-found strength in consumer spending and exports.

The result is weaker than 2.1 percent growth in the fourth quarter and matches the growth rate recorded the second quarter of 2016.

Analysts expect growth to accelerate in the second quarter, fueled by solid hiring and an uptick in consumer spending.

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