The U.S. economy showed much stronger-than-expected growth in the first quarter than previously thought.
increased at a 2% annualized pace for the January-through-March period, up from the previous estimate of 1.3% and ahead of the 1.4% Dow Jones consensus forecast. This was the third and final estimate for Q1 GDP. The growth rate was 2.6% in the fourth quarter.
According to a summary from the department's Bureau of Economic Analysis, the change came in large part because both consumer expenditures and exports were stronger than previously thought. An 8.7% boost in the Social Security cost-of-living adjustment likely boosted the consumer spending numbers, said Scott Hoyt, senior director at Moody's Analytics.
Federal Reserve policymakers most closely watch core PCE as an inflation indicator. Through a series of rate increases, the Fed is trying to get inflation back down to 2%.
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