The u.s. economy grew at an annual rate of 2.2% in the first three months of the year, a little more slowly than the original estimate of 2.3%.
The Department of Commerce published the review of this on Wednesday in its second estimate of GDP.
It was said that the exports, inventory investments and consumer spending were weaker than first reported.
The decrease exacerbated the slowdown in the fourth quarter of 2017, when the GDP increased by 2.9%.
The first quarter is typically the weakest of the year, and many economists expect economic growth to accelerate in the coming months, as some of the activity shifts to later in the year.
In comparison with the first quarter of 2017, the GDP of the extent of the goods and services produced in the united states, adjusted for inflation, increased by 2.8%, the fastest pace since 2015.
However, some of the metrics continue to lag behind expectations.
On Wednesday, the report showed that inflation rose 1.6% from the first quarter of 2017. The measure of inflation – personal consumption expenditure, excluding food and energy – is the Federal Reserve’s preferred indicator,
The Fed has said that it is the objective of an inflation rate of around 2%.
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On Wednesday, the report showed that consumer spending increased just 1% in the first quarter, instead of 1.1% as originally reported. That marked the weaker growth in nearly five years.
The expenditure on construction, another of the main engines of economic development, decreased by 2%.
However, the business of the investment was higher than previously reported, driven by a more than 10% increase in the expenditure in the field of intellectual property.
The Commerce Department also said that the new tax cut, which reduced the corporate tax rate from 35% to 21%, was having an effect.
Taxes on corporate profits fell to $117.4 million in the first quarter, while after-tax corporate profits climbed 5.9%.