The US economy grew a bit more strongly than thought in the first quarter but the modest pace was the weakest in a year, revised official data showed today.
Growth in gross domestic product - the broad measure of the world's largest economy's output in goods and services - was revised upward to 1.1% from the previous estimate of 0.8%, the Commerce Department said.
That was the slowest growth since the 2015 first quarter's 0.6% figure when unusually severe winter weather hammered the economy.
The GDP first-quarter revision came in slightly better than analysts expected.
The US economy grew 1.4% in the fourth quarter of last year.
The Commerce Department's third estimate of GDP reflected more data available for the first quarter. Higher exports were a main driver of the upward revision.
Exports ticked up 0.3% instead of the 2% decline previously estimated. Nonresidential fixed investment also was revised higher.
However, consumer spending, the engine of the economy that accounts for two thirds of activity, was revised lower.
Personal consumption expenditures rose 1.5% in the first quarter, weaker than the prior estimate of a 1.9% increase.
The housing sector remained a bright spot in the economy with its best performance since late 2012.
US investments jumped 15.6%, slightly less than previously estimated. US government spending rose 1.3%, driven entirely by increases in state and local governments.
Today's figures show that US corporate profits rose 1.8% after falling 7.8% in the fourth quarter.
The Commerce Department is due to publish its first estimate of second-quarter GDP on July 29.
Many analysts have forecast a pick-up in growth to more than 2% in the three month from April to June.
For all of 2016, the Federal Reserve is forecasting the economy will grow 2%, cooling somewhat from the 2.4% pace in 2015.
