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US growth rate revised higher

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The US economy grew at a faster pace than previously thought in the first three months of the year.

The US Commerce Department said the economy grew at an annualised pace of 1.4% in the January-to-March period.

The rate was an upward revision from the previous estimate of 1.2%, which itself was an increase from the original reading of 0.7%.

However, it still marks a slowdown from the final quarter of 2016, when the economy grew at a rate of 2.1%.

The latest growth figure was helped by an increased estimate for growth in consumer spending, which was revised up to a rate of 1.1% from 0.6%.


Source: BBC