U.S. Economy

     (CN) – The U.S. gross domestic product, the broadest measure of the nation’s economic output, grew at an annual rate of 0.8 percent in the first quarter of 2016, the Commerce Department said Friday.
     The revised number are better than the department’s initial estimate of 0.5 percent but is still the weakest pace in a year.
     The Bureau of Economic Analysis said Friday’s numbers were based on more complete source data than were available for the “advance” estimate issued last month.
     With the second estimate for the first quarter, the decrease in private inventory investment was smaller than previously estimated
     Government economists attributed the increase in real GDP in the first quarter primarily to positive contributions from consumer spending, residential fixed investment, and state and local government spending.
     They said these factors were partly offset by negative contributions from nonresidential fixed investment, exports, private inventory investment, and federal government spending.
     Imports, which are a subtraction in the calculation of GDP, decreased.

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