US economy grew faster in the first quarter than previously reported

US economic growth in the first three months of the year was faster than previously estimated.

A report from the Commerce Department today said gross domestic product, increased at an annualized rate of 1.3 per cent in the first quarter, up from an initial estimate of 1.1 per cent reported last month. 

The change was mostly driven by an upward revision to private inventory investment, which includes finished goods, materials, and works in progress being saved for a later date. 

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