US economic growth slower than thought in first quarter

The US economy grew at 1.9% in the first three months of this year, weaker than the 2.2% previously announced.

The slower growth rate followed a modest downward revision in consumer spending.

A rise in the growth in imports also accounted for the weaker outlook.

The second official estimate of gross domestic product (GDP) from the Commerce Department also showed that after-tax corporate profits fell for the first time in three years.

Source & Image : BBC